Mortgage calculator and much more
Secretary of Treasury, Timothy Geithner, told the Senate Banking Committee that any plan to address the struggling real estate market will center around bringing down monthly payments on mortgage loans. Foreclosures on mortgage loans can be more costly to banks and investors than modifying those loans. So the administration has been meeting with banks and housing industry groups to come up with strategies to stem foreclosure rates. Lowering rates for mortgage loans and postponing the principal to the end of the term on loans are some of the suggestions to come out of the meetings. Regardless of the strategy, the focus is on helping those with mortgage loans that are not commensurate with their earnings.