Federal Reserve Chairman Ben Bernanke’s “Wish List to Santa”
Recently, Ben Bernanke announced some very aggressive steps he believes are needed in attempt to resuscitate the distressed mortgage and housing industries.
Below is a quick run down of what he “wishes” for this year.
- More principal write-downs by lenders
- Reduce interest rates for the Hope for Homeowners program, currently set at 8%
- Treasury to buy Ginnie Mae securities to allow for lower mortgage rates
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Allow FDIC to modify loan-to-income ratio to as low as 31%, in efforts to save homeowners who are "upside down" and headed for foreclosure.
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Have all delinquent mortgages bought by the government!
He promises to be very good until the 25th of December, we’ll see if his wishes for San Diego home owners facing foreclosure are granted.
» Posted by Peter
