The Wells Fargo principal reduction plan could help many struggling homeowners who are currently underwater in their mortgage or unemployed. President Obama and his staff continue to work hard to make the Making Home Affordable plan work and they recently extended this plan to include help for those who are underwater or unemployed.
Wells Fargo is consider one of the big four banks along with Citigroup, JP Morgan Chase and Bank of America. President Obama has urged these big banks to take part in the principal reduction program which is part of the Obama Refinance and Making Home Affordable plan. Do not be surprised to see many speeches and announcements about this program in the near future as our President is working very hard in an attempt to slow foreclosures.
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Over the last few weeks we have seen mortgage rates start to move higher which is another bad sign for the overall housing market. Even though some homeowners did not have access to these low home loan rates they were still doing a lot to prop up housing prices. If rates move up drastically over the next few weeks and months we could see many problems in the housing market.
President Obama realizes that this is a possibility and this is exactly why he continues to work and modify his mortgage plan. There are some very valuable parts to this program that could great help American homeowners avoid foreclosure. Luckily these programs are completely free and could be just what it takes to lower the overall foreclosure rate.
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