The latest foreclosure-prevention efforts
Today President Obama unveiled a foreclosure-prevention plan slated to start March 4. His administration proposes incentives to lenders for modifying the loans of homeowners behind on their mortgages. People who aren't behind but own homes that have dropped in value could be eligible for refinancing with Fannie Mae or Freddie Mac, though only if their current loans are held or were securitized by Fannie or Freddie. (Some details -- like how much above current market value the loan amount can be -- are HERE.)
Expecting the announcement, several big mortgage holders said in recent days that they would stop foreclosing on homes until early to mid-March. Fannie Mae's announcement is here, Freddie Mac's is here, Citi's is here and PNC's is here.
Think this will help homeowners? What about the housing market?