Tags: Treasury | Help | Struggling | Homeowners

Treasury to Unveil New Help for Struggling Homeowners

Monday, 23 Jun 2014 06:03 PM

U.S. Treasury Secretary Jacob J. Lew on Thursday will announce expanded programs to help struggling mortgage borrowers, marking the fifth anniversary of government efforts to aid the real-estate market, the Treasury Department said.

The new aid will “build on previous administration initiatives that helped stabilize the housing market,” the Treasury said in a statement in Washington Monday.  Since 2009, about 1.4 million borrowers have received mortgage modifications lowering their monthly payments through Treasury’s Home Affordable Modification Program, which is funded through the 2008 Troubled Asset Relief Program. The modifications are designed to last for five years and many are set to expire.

Lew will announce additional policies designed to help low-income renters and make it easier for borrowers with less-than-perfect credit scores to obtain home loans, the Treasury said.

A Treasury official Monday said banks will likely loosen mortgage credit because regulators are easing their concerns about having to repurchase defaulted loans. The official requested anonymity as a condition for briefing reporters in Washington.

“Odds are against the announcement of anything that could materially improve credit availability or boost the home ownership rate,” Jaret Seiberg, an analyst at Guggenheim Securities LLC, said in a market commentary. “Anything that could be a game changer would be coming from the president in a Rose Garden ceremony. It would not be delegated to the Treasury secretary to announce at a housing conference.”

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Economy
Treasury Secretary Jacob Lew on Thursday will announce expanded programs to help struggling mortgage borrowers, marking the fifth anniversary of government efforts to aid the real-estate market, the Treasury Department said.
Treasury, Help, Struggling, Homeowners
229
2014-03-23
Monday, 23 Jun 2014 06:03 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved