Government to Announce New Loan Aid Effort

By: Associated Press Email
By: Associated Press Email

Washington (AP) It appears that more relief is on the way for homeowners with delinquent mortgages once held by Fannie Mae and Freddie Mac.

The Federal Housing Finance Agency -- which took over the two beleaguered agencies in September -- and the mortgage industry are expected to unveil a new approach today. One industry official says the plan is designed to streamline the assistance process on
hundreds of thousands of the loans.

The official says that under the plan, lenders will be able to modify more delinquent loans for borrowers who are at least three months behind on loans that are worth at least 90 percent of their home's value. The interest rate of the loan would be adjusted so that a borrower won't have to pay more than 38 percent of his or her income toward housing expenses.

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