Tags: US | Housing | Aid

Gov't Launches Help to 'Underwater' Borrowers

Tuesday, 07 Sep 2010 10:41 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

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 Tuesday.

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.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Shooting by 9-year-old Girl Stirs Debate over Guns

Wednesday, 27 Aug 2014 19:00 PM

The accidental shooting death of a firing-range instructor by a 9-year-old girl with an Uzi has set off a powerful debat . . .

California Mulls Bill to Remove Guns from Potential Offenders

Wednesday, 27 Aug 2014 18:57 PM

A bill allowing family members to ask a judge to order firearms removed from people likely to commit gun violence advanc . . .

ESPN Regrets Report on Showering Habits of NFL's Michael Sam

Wednesday, 27 Aug 2014 17:33 PM

Sports television network ESPN said on Wednesday it regrets a report that detailed the showering habits of St. Louis Ram . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved