Does anyone know in plain english what this bill is accomplishing and who it will benefit? I have a mortgage that I have been trying to modify my loan terms with my lender due to a hardship (being unemployed).

I saw this yesterday and don’t know if it is related to this bill:

Feds Weigh Relief for Homeowners
http://money.aol.com/news/articles/_a/bbdp/feds-weigh-relief-for-homeowners/326131

It makes no sense. Why just flat line all primary mortgage interest rates to 4% at this time and extend the mortgage period from ten years and allow people to restart paying – instead of losing the funds they are in a foreclosure. I have been told it is an automatic $50K to foreclose. If they take this program, they cannot refinance for 3 years. This is regardless of their credit FICO scores.
The losses due to lack of preservation are horrible !! I have seen these properties.

Maxine is an idiot. This is only further evidence.

I think it should be flatlined @ 3% fixed for 15 years, then 4% fixed for 25 after that. And do this with everyone. That way the servicers, lenders and banks will get the entire note value as well as some interest.

We all need some quick loans every now and again. Some quick loans come in handy when you have a sudden expense, and you need to have a bit of emergency funds to float you until your next payday, which is what a quick loan is good for. Lenders are willing to work with you, and there are a variety of options to suit your needs. If you don’t have time to get to an actual brick and mortar store, you can get online payday loans or over the telephone. Many lenders are also reasonable on repayment if you need to make installment loans out of the quick loans you need for your sudden expenses.