Borrowers gain options for lower interest mortgage rates and principal reductions - lenders have 45 days to respond
Tania Harding
Jun. 17, 2008

Hope Now Alliance will announce Tuesday something that will help the housing market, the borrowers and the lenders.

The large lenders such as Countrywide and Wells Fargo have agreed lenders will have 45 days to decide whether they are willing to renegotiate the loan of a struggling borrower.

Borrowers will also have the priviledge to sales lower than the value of the mortgage, as well as lower interest rates and principal reductions.

Many lawmakers and financial think anks believe it is too late and too little.

Borrowers gain options for lower interest mortgage rates and principal reductions - lenders have 45 days to respond
Tania Harding
The large lenders such as Countrywide and Wells Fargo have agreed lenders will have 45 days to decide whether they are willing to renegotiate the loan of a struggling borrower.
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