Changes in government regs may save your mortgage

The news is full of stories today about proposed changes to government rules and laws that could stop some of the increasing number of foreclosures. The best ones, in my opinion, are as follows:

1. Tell Fannie Mae and Freedi Mac, two government sponsored companies, to pick up or insure mortgages with rates that are about to adjust upwards, making them unaffordable. If the rates can be fixed at a reasonable rate making the mortgage affordable, this could be a big win-win.

2. Eliminate prepayment penalties so you can refinance mortgages without having to pay thousands and thousands of dollars for the privilege.

Hopefully, whatever they decide on will happen soon.

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