Washington (PRWEB) December 10, 2007
As Democratic presidential candidate Hillary Clinton proposes a 90-day moratorium on the home foreclosures resulting from sub-prime mortgage defaults, companies like IForeclosureInfo.com respond. The senator's proposition will not affect current foreclosure property listings, according to IForeclosureInfo.com. The moratorium is intended to assist current homeowners in danger of defaulting, but will not affect homes already in foreclosure status.
Clinton is also proposing a freeze on sub-prime adjustable mortgage rates for five years, which could affect the future of the foreclosure property industry. As U.S. Treasury officials are working with lenders to prevent surging defaults in the $11.5 trillion mortgage market, Clinton says her provisions must be included. IForeclosureInfo.com, which provides foreclosure property announcements and online information, expect the availability of affordably priced foreclosed homes to remain strong, though.
"The administration and the mortgage industry must reach an agreement that matches the scale of the problem," said Clinton in a letter released by her campaign. "If you produce an inadequate agreement, or fail outright, the cost to our economy will be incalculable."
The New York Senator proposed funding as much as $5 billion to help communities that suffer from high rates as a result of foreclosed homes. The proposed moratorium on foreclosures would last for at least 90 days, and it would only apply to homes that are still occupied by the owner. Foreclosed homes that are currently for sale would not be affected.
For more information about foreclosed homes, go to http://www.iforeclosureinfo.com
I Foreclosure Info provides access to all kinds of distressed and foreclosure property announcements. With information on foreclosure auctions, foreclosed homes, pre-foreclosure homes, and bank home sales, consumers will be well informed and ready to go into the process of buying a home. These types of properties provide a unique opportunity to home buyers and investors by offering them a chance to purchase property for far less than its normal market value. Iforeclosureinfo.com has thousands of foreclosure listings in every state, as well as information about the nation's foreclosure market.
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