Sheila Bair’s Loan Modification plan

With Treasury Secretary Henry Paulson giving little more than lip service to Bair’s plan, the chairman unveiled its details last month. ¬†¬†First, housing payments for delinquent borrowers two months or more would be lowered to 31% of gross monthly income. To get there, mortgage rates could be set as low as 3% for five years, [...]

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