Just a tiny fraction of struggling homeowners have gained benefit from the government’s $50 billion program to ease the mortgage crisis. A list has also been that shows the lenders which are acting lay.
Only 9 percent of eligible borrowers have benefited by the program and had their mortgage payments reduced with modified loans during the last month. Furthermore, a report showed that 10 lenders had not changed a single mortgage.
Probably you may have heard that day by day the mortgage crisis has made it very difficult to obtain a decent rate on a home loan, let alone any financing (or refinancing) at all for some unlucky borrowers.
Many homeowners have obtained financing when there were still the offers of subprime mortgages. As banks and lenders continue to tighten guidelines and reduce high-risk offerings these homeowners have found their options run dry.
And nowadays the ongoing credit crunch has reached up to the consumer credit fold, thus forcing credit card limits to go down and APR to reach higher level.
