Many Local Homeowners Ineligible For Obama Plan

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(Sacramento, CA)
Wednesday, March 4, 2009

The Treasury Department’s “Making Home Affordable” initiative includes mortgage refinancing and loan modifications for people struggling to make their monthly payments. 

Heidi Vento is president of the Central Valley Association of Realtors.  

“There is definitely a need for this, for people that have been struggling to make their payments on time and have been. So this is good news for them. However, we still have people who have been delinquent but still are struggling to hang on. And unfortunately I don’t think we’ve necessarily addressed that issue at this point.” 

Government officials admit the program is only a partial fix. 

The Treasury Department Wednesday released detailed guidelines designed to let the lending industry know how to enroll borrowers in the program.