Naples Real Estate News 07/08/08
HOUSING AID
A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support on Monday, inching toward possible passage by the end of the week despite Republican objections. The bill’s centerpiece is a new $300 billion Federal Housing Administration program to allow struggling homeowners who are currently too financially risky to qualify for government-backed loans to refinance into safer, more affordable mortgages.
REAL ESTATE OWNED
While it’s impossible to predict the future of median home prices, some experts don’t think REOs will decline any more since banks are cutting such great deals right now.
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