WKYT | Lexington, Kentucky | News

Government to unveil plan to shrink some home loans

WASHINGTON (AP) - After months of criticism that it hasn't done enough to prevent foreclosures, the Obama administration is expected to announce Friday a plan to reduce the amount some troubled borrowers owe on their home loans.

People briefed on the plan said the effort will let people who owe more on their mortgages than their properties are worth get new loans backed by the Federal Housing Administration. It would be funded by $14 billion from the administration's existing $75 billion foreclosure-prevention program.

The people briefed on the plan declined to be identified on Thursday because the details had not yet been announced.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 89260067 - wkyt.com/a?a=89260067
Gray Television, Inc.