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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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Maxine Waters Creates a New Loan Modification Bill


A democratic representative by the name of Maxine Waters had created a bill that she feels would be of assistance for all the delinquent homeowners.  She has made corrections to the bill that she original brought to Capitol Hill multiple times.  The bills main focus is going to be to modify first and second mortgages, and to reduce principal balances for homeowners who are underwater.  She has also updated the "Foreclosure Prevention and Sound Mortgage Servicing Act." Water's would make it mandatory that lenders provide loan modifications to homeowners who are facing foreclosure.