White House to announce mortgage relief
by Associated Press
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.
Top Posts & Pages
- Expert on airlines predicts Jackson-Evers will keep remaining carriers
- IKE TROTTER: There are primary changes in Social Security for 2014
- Keeping our eye on... Liz Lancaster
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- Alcorn's finances being investigated; CFO resigns
- C Spire launches next phase of 1-gig service rollout
- NEW ORLEANS SAINTS MOVING — Mississippi company has the task of moving the football team
- State of Louisiana mulling plan for Amtrak route
- Hood issues opinion on open-carry gun law
- GOP Sen. Thad Cochran to run for seventh term