government foreclosure assistance, government foreclosure programIt's quite a day for the history books in American history. With all the bailouts of private industry, it seems only logical that the government would provide government foreclosure assistance that will help homeowners who are in trouble with their mortgages to save their homes. The government foreclosure program became effective just a day ago and people will be able to work with their lenders to take advantage of the reduced interest rates and house payments that he government foreclosure assistance will give to people.

The banks got a big bailout in 2008, so 2009 hopefully is the year of the homeowner who needs help restructuring a bad loan. The government foreclosure program will help millions of people keep their homes by reducing their interest rates and bringing down their house payments to no more than 31% of their household income. This should keep millions more homes off the market as a result of foreclosure, and help the economy by keeping home values stable. Even though all the government intervention in the private sector seems contrary to a capitalistic society, it appears it may be our only way out of this financial meltdown.