The said bill authorizes the Federal Housing Administration or FHA to guarantee new mortgages in the amount of $300 billion, offered by private lenders approved by the government.

The Committee strongly believes that the bill could probably help over 1.5 million troubled homeowners. These citizens really need help especially during this difficult time, even though most of them took out loans that they can never really afford in the first place. There are also those homeowners who were taken advantaged of by really aggressive mortgage brokers and lenders.

For the Committee, letting these mortgages go all to foreclosure will certainly make the economy suffer. In fact, the last couple of years have already showed the negative impact of rising home foreclosures rate in the country.

On the other hand, the Bush Administration believes that the bill is actually just a bailout program that will basically utilize taxpayers’ money.

The said legislation is designed in such a way that the government will not be lending money directly. Instead, new mortgages from private lenders will be guaranteed. These mortgages can equal to at most 90 percent of the property’s current market value.

As a requirement, only homeowners whose debt-to-income-ratio is 35 percent or higher are eligible for the program. Also, the mortgage should have been taken out before January of this year to qualify.

As for the government, they will enjoy a share of the profits once the homeowner managed to sell the property. The government is only required to pay the lender in the event of a default. According to the committee, they are estimating about 1 to 2 percent of defaults, which can be roughly translated to $3 – $6 billion.

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The California based mortgage company said that it had lost almost $893 million in the first quarter of 2008 itself and as a result of that their profit has been severely affected. The annual revenue of the company also suffered due this situation as it fell from $2.41 billion in 2007 to $678.9 million in 2008. All this is caused by the delinquencies of homeowners whose properties are now being listed in distressed properties list. The unfortunate thing is that most of the homeowners are not aware of the various options they have to stop foreclosures. The crux of the matter is that if the homeowners can speak to the lenders and make them understand their poor financial condition or inability to make a particular mortgage payment then lenders can assist them.

So at the end of the day the mortgage companies are reporting heavy losses due to bad loans or delinquencies while homeowners are reeling under the after effects of foreclosed homes. At such a time, an investor like you can get a great home through a short sale. All you have to do is create a membership account at MostlyForeclosures.com and download the comprehensive foreclosure listings.

Launched just last week, the petition is actually gathering about 50 signatures every hour and receiving an average of 15,000 visitors daily. For Angryrenter.com, it is just not right that the government use the money to reward such irresponsible behavior. In other words, it demands that the free market sort itself out.

Among the petitioners are renters who are not at all pleased about having to pay for this bailout program when they themselves have resisted the urge to jump on the subprime loan bandwagon. Some homeowners who have worked very hard to keep their homes are also expressing their outrage at the bailout program.

It also did not help that the Senate version of the housing bailout program included a provision that gives builders huge tax breaks. Many Americans believe that there is a possibility that large builders will be saving millions of dollars why they will have to live with the fact that their taxes is going to undeserved individuals and companies.

For renters, it is indeed an unfortunate situation. If you are among these people who would love to won their own property, you could always consider foreclosure homes as an alternative to newly-constructed houses.

You will be able to save much and enjoy instant equity at the same time. At times like this, it will help if you grab opportunities. You might berate yourself for hesitating when market conditions are just perfect for buying these foreclosed properties.

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Although this is good news, Hope Now has also released data for the same period that showed 419,000 troubled owners who lost their homes to foreclosure.

Hope Now coalition is a government-supported coalition of investors, community organizations and lenders whose objectives fall into two categories: loan modification and repayment plan. Out of the 1.2 million mortgages that Hope Now worked out, 848,000 fell under the repayment plan.

For troubled owners, this is generally not helpful and only exacerbates the problem. The coalition should actually consider the fact that most of these borrowers can not really afford their mortgage payments in the first place. Even with loan modifications and repayment plans, majority of them will still struggle to make ends meet.

As a result, many of these borrowers eventually walk away especially since they no longer have any equity left on their homes. Critics of the Rescue effort believe that the administration is touting these data in order to have an excuse to launch a more aggressive rescue campaign.

The Bush administration has always been opposed to the idea of a foreclosure bailout, which will be shouldered by the taxpayers. But the risk of not taking a more aggressive stand is already affecting the national economy. There is much fear about a looming recession considering the weakening dollar and the numerous lenders filing for bankruptcy.

Many real estate experts believe that as many as 2 million foreclosure listings will be recorded for 2008 alone. Such number will surely affect the national economy in a negative manner.

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Mortgage rates dropped from the previous week’s 6.13 percent to this week’s 5.87 percent. This drop is applicable to 30-year fixed rate mortgages. On the other hand, the 15-year fixed rate mortgage experienced a drop from 5.6 percent to 5.27 percent. The said decline was believed to be the result of various efforts made to improve the market’s liquidity.

These efforts included the decision of the Federal government to cut interest rate on short-term loans. Aside from this, the report from the Consumer Price Index showed weaker increases in prices compared to consensus expectations. In fact, the month of February revealed unchanged energy and food costs.

On the other hand, retail sales dropped by about 0.6 percent last month which is a far cry from the expected 0.2 increase. This could indicate that the national economy is actually weaker than most experts believe.

For buyers and investors, a low mortgage rate is actually encouraging. And with the many foreclosure properties to choose from, you will really enjoy the favorable conditions. Buyer confidence will certainly improve very soon as the federal government continues to look for ways to resolve the housing crisis.

f you are really keen on buying a foreclosed home, it will be to your best interest if you subscribe to foreclosure listings from reputable realtors such as MostlyForeclosures.com. Before doing so, you should try to get pre-approved for a mortgage first so you have an idea how much you can really afford. Make sure that your financial documents are in order when applying for a mortgage. You should also try to be realistic of your financial capacity in order to avoid over-extending.