Home equity loans, a primer
Lowering rates for mortgage loans and postponing the principal to the end of the term on loans are some of the suggestions to come out of the meetings. These tactics are all aimed at lowering the monthly payments for consumers whose incomes do not support their current mortgage loans. The President would like to support troubled homeowners before they foreclose on their mortgage loans. Phoenix is the city chosen to be the backdrop for the President to release the specifics of the economic plan to help the housing market. Arizona is another state that has been struggling with a glut of unsold homes, loan defaults and significant drops in property values.