US News: Housing Agency Widen Homeowner Help

Nov 12th 2008  WASHINGTON (Reuters) – Housing agencies announced on Tuesday a plan to ease mortgage payments for troubled borrowers through mortgage finance giants Fannie Mae and Freddie Mac.

Homeowners who face foreclosure and are spending more than 38 percent of their income on mortgage payments could have their monthly payments reduced by Fannie and Freddie, the Federal Housing Finance Agency said.

“The streamlined modification program complements existing loan mitigation programs,” Federal Housing Finance Agency chief James Lockhart said at a news conference.

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