Monday, October 6, 2008
Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. has agreed to modify tens of thousands of Countrywide loans to keep people in 11 states, including Florida, from losing their homes. The new mortgage aid program should launch in December.
It's easy to be concerned about the economy right now, but older adults who remember the Great Depression of 1929 have some advice for Americans scared of the news headlines: Don't worry about it. Few, if any, analysts predict that current financial problems will get that bad.
The federal bailout is complicated, but almost all experts agree on one thing: For the plan to work, housing prices must hit bottom first. Roughly one in eight U.S. jobs depends on housing directly or indirectly - from construction workers to bank loan officers to big brokers on Wall Street.
Many Florida homeowners have voluntarily given up windstorm coverage, called "going bare," to save money. But recent hurricane threats have caused them to wonder if the added stress is worth it.
FANNIE MAE AND FREDDIE MAC
It's unclear, even to employees, whether Fannie Mae and Freddie Mac are now government entities or private corporations. For the moment, the companies are focused on more pressing issues to help the economy rebound.
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