There maybe a light at the end of the tunnel for Mortgage holders without jobs.
Last week Adam Weinstein reported a new FDIC proposal, that called on banks to drop mortgage rates for the under and unemployed, in the Default Servicing News.
Here is an excerpt of his report:
‘As rampant unemployment sours the mortgage industry, the Federal Deposit Insurance Corp. is “encouraging” its partner banks to do more to help borrowers troubled by job losses or underemployment.
In a press release last week, the agency called on banks that acquire the FDIC’s failed institutions to drop mortgage rates for half a year or more for borrowers whose livelihoods have been ravaged by the economic recession.”
To read the full article, click here.