Relief could be on it’s way for may homeowners facing foreclosure. Both the House of Representatives and the Senate voted to approve the bailout, which gives the Treasury Department the ability to spend $700 billion to help back financial markets by purchasing their assets.

Law makers are hopeful that some provisions in the bill will push loan servicer’s and investors to offer affordable deals to homeowners seeking to save their homes.

The Treasury Department will be buying toxic mortgage assets from financial institutions, the law states that the Treasury Department will be required to “maximize assistance to homeowner” and encourage mortgage servicer’s to modify loans through programs such as Hope for Homeowners.

This entry was posted on Monday, October 6th, 2008 at 4:46 pm and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.