That is the big question. The President is set to sign the bill today with it going into effect on October 1st. The bill calls for lenders to take big losses on their current loans. The Wall Street Journal's article covering this topic, states that it is unsure how much of a loss these banks will take and on what type of loans. You would think that banks would rather restructure a loan and keep the client paying on that loan, rather than lose the house in a foreclosure... that's what the government is banking on anyway... The government says this could help up to 400,000 people keep their homes - let's hope it really works. Less foreclosure homes on the market means less inventory which helps all those "regular" sellers who are just trying to move up, move on or scale down. I'm all for that! Have a great week. -Jenny
