Columbus, OH (PRWEB) August 4, 2008
Last December, the Bush administration proposed a mortgage bailout plan to help subprime loan victims. The plan essentially is a $300 billion aid package to help an estimated 400,000 U.S. homeowners keep their properties, and avoid foreclosure.
That plan is expected to be approved by Congress in August 2008, and will include assistance to Fannie Mae and Freddie Mac (FanFred) - two government-sponsored companies that either guarantee or own almost half of the mortgages in the country.
The plan sounds simple and straight-forward, but actually is quite detailed and specific as to what it means for an individual homeowner.
Homeowners Educational Resources (HER), an organization based in Columbus, Ohio, has launched a free web site to help victims of mortgage fraud better understand what exactly the Mortgage Bailout plan is - and how to know if they qualify.
Their web site, http://www.Mortgage-Bailout.com, is a presentation and series of articles that educate homeowners on how the plan was designed, and how it may be of assistance. The web site also discusses the potential disadvantages of the Mortgage Bailout plan and why it is often criticized. In addition, it provides a comprehensive list of related organizations and agencies that can help.
According to the web site, its mission is "to do what many bankers and mortgage brokers failed to do in the first place: Educate people so they actually understand what they're getting in to."
For more information, interested ones should visit: