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.
Top Posts & Pages
- Warden who lives hundreds of miles from jail resigns
- Jail kitchen supervisor pleads guilty to stealing food
- BankPlus recognized for alternative program to payday lending
- Top 10 finalists chosen for C Spire Conerly Trophy
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- Analyst: KiOR Columbus plant may end up sold as scrap
- Ex-MDEQ leader Fisher joins Butler Snow
- Stricklin: Deer parasites don't affect quality of venison
- Prison-contract task force working in wake of Epps' indictment