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 July 28, 2008

Foreclosure Prevention Act - Freddie Mac & Fannie Mae Update
A major publication in the UK is predicting that, as a result of government assistance with Freddie Mac and Fannie Mae, world markets will begin to rebound. They are even claiming that this is the most major "rescue package" for America since Roosevelt's "New Deal".
The rescue plan allows the US Treasury complete authority to provide the capital needed in order to recover from this current financial mess. Even the cap on the amount of national debt has been lifted, which will give the US Treasury free reign and an unlimited amount of resources.

Bush is expected to sign off on the Foreclosure Prevention Act tomorrow, which will provide billions to homeowners in need of a new mortgage. By doing so, homeowners will have another opportunity to withstand the current housing crisis.

Nearly 3/4 of a million homes fell into foreclosure in the 2nd quarter of the year, so time is of essence. Many are still predicting that we will see many more foreclosures and possibly in the higher-end real estate areas. However, with the participation of lenders, the Foreclosure Prevention Act may be just what the country needs in order to recover.