I can’t imagine buying $1.25 trillion of anything, let alone mortgage-backed securities. But that is exactly the commitment that the Federal Reserve has made in an attempt to encourage borrowing and revive the economy. This is a $750 billion increase from the previous commitment made in a program announced last November.

In that program, the Fed announced they would buy $500 billion of mortgage-backed securities guaranteed by Fannie Mae,

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So the Obama administration is doing everything in its power to try and save your home. Really? They launched the “Making Home Affordable” or “Home Affordable Modification “initiative today and if you have nothing better to do, you can read the 17 pages of Government speak at:

http://www.treas.gov/press/releases/reports/modification_program_guidelines.pdf

For those of you looking for some of the high-level highlights so you can move on with your day, here they are:

Eligibility Requirements

Origination Date of Loan Subject to Modification:
The mortgage to be [...]

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