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The U.S. Government is not promising big results for new mortgage relief effort
Last month, the Obama administration launched a program to help homeowners with loans insured by the Federal Housing Administration. About 850,000 FHA borrowers are behind on their payments or in foreclosure, yet the program will assist just 45,000.
The effort targets homeowners who were ineligible for the government’s other loan modification plans. But the decision not to rescue more FHA homeowners reflects the Obama administration’s need to protect the financial health of the agency, and to set more realistic goals for helping borrowers as its other loan modification programs fall short.
Read more at http://finance.yahoo.com/news/Low-expectations-for-new-loan-apf-894364692.html?x=0&sec=topStories&pos=3&asset=&ccode=
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