A little corner to discuss mortgage loans
Other responsible consumers who took on mortgage loans within their means are now grappling with decreasing home values, unemployment and reduced retirement portfolios. The Obama Administration has made it clear that a big part of its new economic stimulus bill will go toward boosting the housing sector. The specific points of that plan have yet to be made public, but the administration has vowed to focus on helping both homeowners with mortgage loans and lenders through this crisis. Secretary of Treasury, Timothy Geithner, told the Senate Banking Committee that any plan to address the struggling real estate market will center around bringing down monthly payments on mortgage loans. Foreclosures on mortgage loans can be more costly to banks and investors than modifying those loans.