Ease Foreclosure Troubles

In an effort to help owners stop foreclosure, the House Financial Services Committee is formulating a plan to create a federal corporation that will have the ability to purchase troubled loans. If the plan works out, both lenders and home owners would have to accept losses in certain amounts. Lenders will obviously have to forgive a portion of the mortgage debt while owners will have to agree to a new repayment scheme that would be more affordable but may take longer to fully pay off. Learn more about the Housing Rescue and Foreclosure Prevention Act.