Urban Fold

New Obama Plan to Save Homeowners from Foreclosure

The new plan includes controversial ideas like moving underwater homeowners to government-backed FHA loans and giving grace periods to unemployed owners.

Nick Timiraos and James R. Hagerty write that "The administration, under pressure from community activists, lawmakers and some mortgage investors, is trying to walk a fine line with these changes. Officials want to respond to criticism that HAMP [ the Home Affordable Modification Program] hasn't done enough to prevent foreclosures. But they also are heeding warnings from big banks that a full-fledged embrace of the idea of reducing principal might prompt many borrowers who can still afford their mortgage payments to default in the hope of being rewarded with a smaller loan."

Full Story: New Plan to Cut Some Mortgage Balances

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