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The United States has unveiled further initiatives to ease mortgage stress for hundreds of thousands of Americans struggling to avoid foreclosure.
HOPE NOW, the private sector alliance of mortgage servicers, non-profits, counsellors and investors, announced yesterday a new initiative that it says will make it easier and quicker for most at-risk home owners to modify their mortgages and remain in their homes.
The “Streamlined Modification Plan”, which is a further extension of existing assistance, is to be implemented by 15 December. It will apply to borrowers 90 days or more behind on repayments on loans owned by Freddie Mac, Fannie Mae or other participating lenders.
With foreclosures having increased by 150 per cent over the last two years, according to Federal Housing Finance Agency director James Lockhart, this plan is hoped to curb this “downward spiral”.
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