The details have been released:
The Obama administration gave details of its massive foreclosure prevention program this morning, releasing guidelines for the program for the first time.
The program has two major components: a refinancing program for homeowners with little equity in their homes, and a loan modification effort for borrowers at risk of losing their homes. It is expected to help up to 9 million homeowners lower their mortgage payments.
“Two weeks ago, the President laid out a clear path forward to helping up to nine million families restructure or refinance their mortgages to a payment that is affordable now and into the future,” Treasury Secretary Tim Geithner said in a statement. “Today, we are providing servicers with the details they need to begin helping eligible borrowers.”
I’m trying to find the actual guidelines online.
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Lots of links here.