White House to announce mortgage relief
Published: March 26,2010
WASHINGTON — After months of criticism that it hasn’t done enough to prevent foreclosures, the Obama administration is expected to announce today a plan to reduce the amount some troubled borrowers owe on their home loans.
People briefed on the plan said the effort will let people who owe more on their mortgages than their properties are worth get new loans backed by the Federal Housing Administration. It would be funded by $14 billion from the administration’s existing $75 billion foreclosure-prevention program.
The people briefed on the plan declined to be identified on Thursday because the details had not yet been announced.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Seafood R’evolution set to make Mississippi ‘the new culinary epicenter of the South’
- Yarber could be sworn in today as new Jackson mayor
- After review, MSU moves forward on new research facility
- Ole Miss launches commitment to be 'climate neutral'
- Pharma Pac lays off rest of workers; could end up owing state
- SpaceX, Stennis officially open new rocket test stand
- Acco Brands investing $1.6M, adding 162 workers
- Gulf LNG terminal mulling export opportunities
- Secretary of State's Office transitioning to new location