Obama with Wells Fargo and Band of America – Modified Loan Plan

The President of USA Barack Obama declared a new loan policy for the home loans and just 9% of eligible home loans have been changed under the Obama program. President Obama and two well known banks of America (BofA) and Wells Fargo declared the new modified plan for the home owners who took loan for their home. BofA and Wells Fargo, say’s the report doesn’t reflect modifications made outside the plan. As the US people are already fighting against the rising rate of loans so after the modification of home Loan policy offered by the two mega banks that dominate the mortgage market; so Fargo & co. has reduced the payments for only 6% of its eligible home loans under the government’s program, and Bank of America Corp.

After a long time the administration, under tremendous pressure to help homeowners avoid foreclosure, has said that despite the low percentage of loans that had been modified under its plan, the program “has made rapid progress in a few short months” and was on track to help 3 million to 4 million eligible borrowers. So, now the hopes of the American people are again alive after this step taken by the President Obama’s and I wish we could again lift and boost our economy again for a longer period!

Watch out the video “Loan Modification – Federal Foreclosure Prevention Plan”

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