Posts on refinance
Secretary of Treasury, Timothy Geithner, told the Senate Banking Committee that any plan to address the struggling real estate market will center around bringing down monthly payments on mortgage loans. Foreclosures on mortgage loans can be more costly to banks and investors than modifying those loans. Lawmakers, lenders and representatives from the housing sector have been brainstorming solutions that might help to decrease foreclosures and delinquencies. Lowering rates for mortgage loans and postponing the principal to the end of the term on loans are some of the suggestions to come out of the meetings. These tactics are all aimed at lowering the monthly payments for consumers whose incomes do not support their current mortgage loans.