More than a million struggling homeowners could be helped
Posted: Thu Feb 09, 2012 9:09 amMore than a million struggling homeowners could be helped
Posted: 07:45 PM ET
From Deb Feyerick
CNN
(CNN) — When struggling homeowner Eddie Morrison heard about the government’s $700 billion bailout plan for banks and Wall Street firms, he felt left out.
Morrison, a truck driver making $65,000 a year, was dreadfully behind on his mortgage. He was sure that a foreclosure letter would hit his mailbox soon. His wife, Corintha, was also on edge and dealt with the pending doom by packing their belongings.
But the Morrisons were saved when their mortgage holder, IndyMac, was seized by federal regulators recently. The new administrator of the failing bank, Federal Deposit Insurance Corporation Chairman Sheila Bair, put a freeze on foreclosures, giving people like the Morrisons a chance to create a loan payment they can afford.
Bair said she thinks it is critical to tackle the root of the economic crisis by helping homeowners like the Morrisons.
Posted: 07:45 PM ET
From Deb Feyerick
CNN
(CNN) — When struggling homeowner Eddie Morrison heard about the government’s $700 billion bailout plan for banks and Wall Street firms, he felt left out.
Morrison, a truck driver making $65,000 a year, was dreadfully behind on his mortgage. He was sure that a foreclosure letter would hit his mailbox soon. His wife, Corintha, was also on edge and dealt with the pending doom by packing their belongings.
But the Morrisons were saved when their mortgage holder, IndyMac, was seized by federal regulators recently. The new administrator of the failing bank, Federal Deposit Insurance Corporation Chairman Sheila Bair, put a freeze on foreclosures, giving people like the Morrisons a chance to create a loan payment they can afford.
Bair said she thinks it is critical to tackle the root of the economic crisis by helping homeowners like the Morrisons.