Dec 3, 2007 6:30 pm US/Eastern
Fed Tries Battling Foreclosures
MIAMI (CBS4) ―
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Countrywide is one of the largest providers of mortgages in the country.
AP
If you are on the brink of losing your home to foreclosure, this could be the news you've been waiting for. The government is getting closer to getting you the help you need.
The latest tough talk out of Washington is aimed at finding new ways to aid struggling homeowners, but it was painfully short on actual details.
The Bush Administration's top money man says he's considering asking lenders to temporarily freeze interest rates on millions of adjustable rate mortgages, set to start climbing early next year. The move follows growing concerns about how to stem the rising tide.
"We are working aggressively and quickly, utilizing the available tools and creating new ones to help financially responsible but struggling homeowners," said Treasury Secretary Henry Paulson.
Several months ago, President Bush outlined his proposals for families to keep their homes, but for now no federal loan programs have been approved by Congress. No new specific details have been released either.
The best advice remains that you contact your lender or credit union to see what help, if any, they can offer to lower your mortgage payments.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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