Even though more Americans are falling behind on mortgage payments, the torrent of home foreclosures is slowing as lenders await a U.S. government plan aimed at keeping troubled borrowers in their homes.
The Office of Thrift Supervision on Wednesday called for the savings-and-loan institutions it regulates to suspend foreclosures on owner-occupied homes until the Obama administration completes a plan to help many borrowers reduce payments on home mortgages. That initiative, which has a $50bn price tag, is expected within weeks.
That Obama plan is expected to involve sharp reductions in payments.
Wall Street Journal