President Obama's Making Home Affordable plan is well on its way towards maturity. The growing pains have been tough, but it sounds like a few home owners are being helped.
According to CNN, the Making Home Affordable Program is supposed to work this way: In return for billions of dollars in taxpayer bailout money, banks would offer loans that would reduce troubled borrowers' monthly mortgage payments to 31 percent of their income. To qualify, a homeowner must have an income and must live in the house, and that house can't be worth more than $730,000.
The Treasury Secretary even called most lenders this week to discuss how they need to divote more man power to getting this program into the hands of the people. Is it working? Time will tell.
For more information on the Making Home Affordable program, go to Portland Foreclosure's webpage dedicated to discussing the program at http://www.portlandforeclosure.com/makinghomeaffordable.htm
Read more from CNN's article, by clicking here.
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