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Treasury to help borrowers

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After bailing out Mega firms, the Treasury is now working to rescue home-loan borrowers.

Treasury is planning to meet home mortgage service providers to exhort them to redraw the terms and conditions of their loans. This move is expected to bring some relief to the mortgage borrowers and would make it easier for them to make repayments.

The Treasury Department’s assistant secretary for financial institutions has expressed his discontent over the slow pace of mortgage term reforms. According to an unconfirmed source, The Treasury Department's assistant secretary for financial stability, Herbert Allison, is expected to meet mortgage service providers to discuss new developments.

A Treasury spokesperson said that the department is working towards making mortgages more transparent and responsible and this is expected to lead towards more permanent changes in the mortgage service. The department is also working towards creating newer resources for borrowers.

 

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Posted-In: Herbert AllisonPolitics Economics