Mortgage bailout looms as Massachusetts mortgage and bankruptcy crisis rolls on

Today’s news includes the nugget that “Freddie Mac,” the quasi-private packager of home mortgage loans for resale to the financial markets, is begging Congress for another $10.6 billion dollar bailout. This would be on top of $50.7 billion the federal government has already pumped in to the troubled mortgage giant.

Meanwhile, the average consumer is probably wondering where his or her own bailout is. Loan modifications are still hard to come by, and bankruptcy cases under either chapter 7 or chapter 13 are becoming an increasingly common resort to saving homes in Massachusetts.

 

By Doug Beaton

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