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The owner of the Mortgage. I assume that the Federal Government, as the owner, will attempt to workout a payment plan with the borrower (or new buyer?). That appears in the draft and allows the Government to cut the balance on the loan and or the interest rate. Really going to go over big with the neighbor who is paying his or her Mortgage at the CONTRACTED rate and amount.
Vietnam Veteran, CW4 USA, Retired 1979
It's a bit more complicated than that. The short answer is that the loan servicer calls the shots. See the last dozen or so posts in this thread:Bailout not a done deal
The Government, if it owns all of the bonds in a given series or tranches of an asset securitization, does not "own" the mortgage. But as bondholder for an entire series of bonds it might be able to influence the loan servicers.
Someday this war's gonna end . . .
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