Fed Announces Plan to Reduce Foreclosures

The Federal Reserve will take aggressive action to renegotiate mortgages that are likely to enter foreclosure, Fed Chair Ben Bernanke said in a letter to Congress yesterday. Mortgages most likely to be affected are those with loan balances that are more than 125 percent of estimated value of the property
http://www.realtor.org/RMODaily.nsf/pages/News2009012801?OpenDocument

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