White House launches program for ‘underwater’ homeowners
WASHINGTON — The Obama administration is trying to jump-start its sputtering plan to tackle the foreclosure crisis with an effort to assist up to 1.5 million homeowners who owe more on their properties than their homes are worth.
The Federal Housing Administration will allow lenders to give these “under water” borrowers refinanced loans if the lender agrees to forgive at least 10 percent of the original mortgage amount.
The plan, which was announced in March, is being made available starting today.
The FHA said in a document published last month that between 500,000 and 1.5 million homeowners are projected to be helped. However, the Obama administration’s previous efforts to stem foreclosures have fallen far short of expectations.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Fervor grows for Tuscaloosa Marine Shale
- Click Boutique revives Hattiesburg downtown retail district
- KEEPING OUR EYE ON: Elizabeth Harris
- TROTTER: Social security claiming strategies
- District at Eastover construction to start later this year
- Small business owners take picture perfect advantages with Instagram
- Nullification and interposition
- Froyo y’all: Couple brings 'delicious' dessert to Delta
- Brown would make history if confirmed as judge