The final details of what the government hopes to do are still unclear. It's possible that there will be more help for homeowners, but we don't know exactly what it'll look like. A portion of the first bailout/rescue plan is also supposed to help troubled borrowers. Why aren't there more details on mortgage help?
Lawmakers are still not sure how best to help homeowners. Logistically, it's difficult for them to look at every mortgage and decide if a borrower deserves help. Even if they could make that decision, implementing any changes would be tough - those loans are split into pieces and are held by a variety of investors.
There's also the problem of fairness and moral hazard. Deciding who to help might encourage more people to default, and those who've borrowed responsibly and made sacrifices to pay the bills will be upset if their next door neighbor gets bailed out. Of course, the bank bailouts raise the same problem, but there are less of them than there are homeowners.
Stay tuned to find out what form mortgage help will come in.
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