Guidant Financial Group Blog

The Senate has reached an agreement on legislation for a plan to keep homeowners in their homes (see Senate Leaders Agree on Housing Aid). The new bill would create an affordable housing fund that, in its first year, would provide about $500 million to aid the foreclosure relief effort.

It appears that this money would be used mostly to help those who need to refinance their homes to lower-rate mortgages.

There has been a lot of controversy surrounding whether or not the government should step in to aid those who have gotten into loans they shouldn’t have in the first place. It is apparent, however, that record numbers of people are losing their homes to foreclosure and that any help from the government or private institutions is greatly needed.