The Obama Administration is discussing a new plan to provide financial assistance to jobless homeowners who are struggling to make mortgage payments.
The Treasury Department met with major lenders, economists, the Department of Labor, Hope Now, and the Federal Reserve to discuss possible solutions to halt the growing number of foreclosures, and additional meetings are planned. Among the proposals, one would allow unemployed homeowners to skip some monthly mortgage payments and another would provide temporary grants or loans to cover part of mortgage costs.
The $75 billion mortgage modification program introduced in March, designed to prevent foreclosures, has been criticized for moving at too slow of a pace and experts say something more needs to be done. Unemployment levels and interest rates have both sky- rocketed, so a mortgage modification is often not enough to help families keep their homes.
http://www.usatoday.com/money/economy/housing/2009-09-17-homeowner-aid-unemployed-obama_N.htm
Tags: consumer, credit, economy, foreclosure, mortgage, unemployment
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