Who qualifies for the government mortgage plan? Is there any good websites that explain this?

Question

It sounds as if the govt is just giving money to anyone who made a mistake.

Answer 1

LMAO! This will take so long to put into place. Just because they approved it, Fannie & Freddie have to make their guidelines to it & then each lender that sells their mortgages to Fannie & Freddie have to make their own guidelines. It is a joke. I would not expect anything for about 6 months.

Answer 2

Since it hasn't been finalized yet, no there aren't any websites explaining how it works.  The House passed a bill today, but the Senate then has to pass it, and the president sign it.

There is an element of money just being given to people who screwed up, but it's support for better mortgage terms, not just a free house - you still have to pay the new mortgage.

The bill is HR 3221 if you want to track it down and read the bill itself.