There appears to be some good news in the Mortgage Industry today! No, really, it's true! According to Bloomberg the US Treasury's new plan to reduce home-loan rates through Fannie Mae and Freddie Mac and has peaked an interest from our new President-elect, Barack Obama and his economic team.

The Treasury does not want to start up any new programs until after January, in order to secure that they don't become abandoned, once Obama takes office. However, since Obama's economic team seems interested, this could be a good sign. The plan is to use Fannie Mae and Freddie Mac to lower the interest rates then purchase the mortgages at these lower rates, and then the government would buy the securities issued by Fannie and Freddie that were backed by these loans. This may aid in the repair of half of the mortgage crisis.

But what about the record list of foreclosures? We have got to help those willing to refinance to stay in their homes. What about the unemployment rate? I understand that the market needs to look more attractive, with lower interest rates and cheaper home prices, in order for the public to start buying again, but we need to help those that own homes now, stay in their homes. We need to put a plan into place that will adjust the current mortgages.

The Tampa Bay area in Hillsborough County had a 10% drop in foreclosures during the month of November, 2008 in comparison to the month of October, 2008. Foreclosures were also down in Pinellas and Pasco counties as well, but experts are saying not to get excited, they predict another rise in the next few months. All we can do is wait and see.