US Unveils Mortgage Plan
The US Mortgage bailout plan falls short of directly providing government financial help.
NEW YORK (CNNMoney.com) — The Bush administration on Tuesday unveiled a new program to modify mortgages and stabilize the battered real estate market, but the plan stops short of providing direct government financial help to at-risk homeowners.
The plan centers on Fannie Mae and Freddie Mac, which between them own or back about 31 million mortgages worth a combined $5 trillion. The federal government took over the firms in September due to mounting losses on their portfolios of mortgages.
Jimmy Rex was the Keller Williams Regional Rookie of the Year in 2006 and sold more than 100 homes.