by Calculated Risk on 11/05/2008 11:31:00 PM
Wednesday, November 05, 2008
WSJ: Treasury and FDIC Close to Announcing Mortgage Modification Program
This WSJ story on possible additional options for using the TARP suggests that a mortgage modification program will be announced soon:
The report addresses the issue of trying to slow the record levels of foreclosures. "In particular, Treasury will continue efforts to ensure loan modifications are sustainable," said the report. A separate Treasury report detailing minutes of an Oct. 13 meeting of members of the Financial Stability Oversight Board suggested the Treasury is focusing on how to address ailing mortgages.Meanwhile, in California, Governor Schwarzenegger is seeking a 90 day delay on foreclosures - from Bloomberg: Schwarzenegger Seeks to Save Homeowners With Foreclosure Delay
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[T]he Treasury, the Federal Deposit Insurance Corp. and other government agencies are said to be close to announcing a government program to address residential foreclosures at the root of the crisis.
California Governor Arnold Schwarzenegger proposed a 90-day stay on home foreclosures in California ... Schwarzenegger said he will ask lawmakers to consider delaying foreclosures when he orders them into a special session tomorrow to deal with the state's ballooning budget deficit.