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Irish Finance Minister Lenihan Admits Country’s Banks Need Bailout
The Minister for Finance Brian Lenihan has all but admitted that Ireland will ultimately accept a bailout from the International Monetary Fund and European Central Bank – saying the banking sector needed external assistance in order to stay in operation.

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Making Home Affordable Modification Program

This program will offer assistance to as many as 7 to 9 million homeowners making a good-faith effort to make their mortgage payments, while attempting to prevent the destructive impact of the housing crisis on families and communities. The program allocates $75 billion to reducing mortgage payments for up to 4 Million homeowners. The program offers lenders a universal, clear and consistent guideline for loan modifications. To provide incentive to the lending community to follow these guidelines the U.S. government is paying the lenders: upfront incentive fees, performance success payments in addition to contributing funds towards the reduction of the borrower’s monthly payments. The program also provides borrowers up to $1,000 per year of Pay-for-Performance reduction in their principal loan balance for up to 5 years.

See if you are among the 7 to 9 million homeowners who can benefit from the Financial Stability Program Guidelines. Visit www.Financial-Stability.com for more information.

Today, our nation faces a severe financial crisis. It is a crisis of confidence, of capital, of credit and of consumer and business demand. Rather than providing the credit that allows new ideas to flourish into new jobs, or families to afford homes and autos, we have seen banks and other sources of credit freeze up – contributing to and potentially accelerating what already threatens to be a serious recession. Our Financial Stability Plan will help ensure that businesses with good ideas have the credit to grow and expand, and working families can get the affordable loans they need to meet their economic needs and power an economic recovery.

To address the financial crisis, the Financial Stability plan is designed to attack our credit crisis on all fronts with our full arsenal of financial tools and the resources commensurate to the depth of the problem. To be successful, we must address the uncertainty, troubled assets and capital constraints of our financial institutions as well as the frozen secondary markets that have been the source of a significant portion of our lending for everything from small business loans to auto loans.

“We have put in place a series of financial initiatives, alongside the Recovery and Reinvestment Program, to help lay the financial foundation for economic recovery. We launched a broad program to stabilize the housing market by encouraging lower mortgage rates and making it easier for millions to refinance and avoid foreclosure. We established a new capital program to provide banks with a safeguard against a deeper recession. By providing confidence that banks will have a sufficient level of capital even if the outlook is worse than expected, more credit will be available to the economy at lower interest rates today — making it less likely that the more negative economy they fear will take place.” – Secretary Geithner, Wall Street Journal Op-Ed, 03/23/09