Not All U.S. Homeowners Will Benefit from Obama Housing Plan
February 19th, 2009
The Obama plan to help U.S. homeowners to avoid foreclosures and lower their cost of home ownership is available to about half of U.S. homeowners. Those still out in the cold include:
- Loans not owned or guaranteed by Fannie Mae or Freddie Mac
- Jumbo loan amounts greater than $417,000 ($729,000 in some markets).
- Option ARMs.
- Wachovia Pick-A-Pay Mortgages.
- Sub prime Loans.
- Credit Union shelved, (Serviced by the Credit Union).
- Any bank portfolio product lines that are non-conforming.
Mortgage experts are recommending a wait-and-see attitude for these groups, saying that there is likely to be further action from the Obama Administration, especially for the large groups of homeowners in Arizona, California, and Florida left out of this week’s plan.
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