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The Hellenic Radio (ERA): News in English, 08-11-11

The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article

From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

  • [01] USA: Plan against Foreclosure of Homes

  • [01] USA: Plan against Foreclosure of Homes

    The regulator for the two largest U.S. mortgage finance companies on Tuesday unveiled a plan to cut monthly payments for struggling homeowners in an effort to reverse a wave of defaults threatening the economy.Homeowners who face foreclosure and are spending more than 38 percent of their income on mortgage payments could have monthly payments reduced by Fannie Mae and Freddie Mac, the head of the Federal Housing Finance Agency said.

    "The streamlined modification program complements existing loan mitigation programs," FHFA chief James Lockhart said at a news conference. "We expect that it could significantly increase the number of modifications completed."Fannie Mae and Freddie Mac own or insure roughly half of U.S. home loans and the move is expected to provide relief for hundreds of thousands of borrowers.Lockhart said borrowers eligible for the new program could see their mortgage rates cut, life of their loans extended or their principal reduced in an effort to ease their debt burden. He said only borrowers delinquent by 90 days or more would qualify for new loan terms.The program is the latest in a series of what critics say have been piecemeal and ineffective moves to address the record foreclosure rate and plummeting home prices.The plan outlined on Tuesday was conceived in part by Hope Now, an industry group midwifed by U.S. Treasury Secretary Henry Paulson last year to help troubled borrowers stay in their homes.

    News item: 15435


    The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article
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