Mortgage rate and much more
The second week of February, Secretary of Treasury Tim Geithner announced that $50 billion of the stimulus bill would be dedicated to reducing home mortgage foreclosures. As the country anxiously awaits the specifics of the stimulus package, things such as incentives for banks to lower home mortgage bills are being discussed. President Obama said he aims to help those struggling before they reach foreclosure. It will be difficult task to determine who will qualify for assistance and who will not. For those who will qualify, a rate reduction or a postponement of principal might be options offered to make a home mortgage more financially manageable.