The White House will today announce an expansion of its foreclosure-prevention efforts to include reducing mortgage loan balances for some borrowers, a controversial step that policy makers have long resisted, people familiar with the plans said.
The revisions, which will also include temporary help for unemployed borrowers, serve as a recognition that the administration 's foreclosure rescue plan hasn't kept pace with the rising number of souring loans.
Under the plan, the Federal Housing Administration will take on a much bigger role in government efforts to avert foreclosures by allowing some homeowners who owe more than their homes are worth
Wall Street Journal
No comments yet