New aid program, expanded scope, rather than the cost of 50 billion U.S. dollars allocated to housing assistance, the TARP, the Treasury will allow borrowers to erase the debt to reduce the maximum value of 115 mortgage percent of households re-enacted the Federal Housing Authority.
In the plan, President Bush is under increasing political pressure to change their strategies to help struggling homeowners and Ganchaoshangsheng foreclosures, is the second largest housing initiative announced many months.
U.S. mortgage delinquencies rose to nearly 14 percent at the end of 2009, by the sharp increase in the most serious post-mortgage borrower credit, U.S. banking regulators said Thursday.
In the new measures announced last year, its focus shifted to lower interest rates to people who risk borrowers.
Recent efforts to unemployed workers and owners of the house value as a local comprehensive, it makes more financial sense for owners to give up their mortgage.
"This is a balance to help all those we can help in a reasonable and fair manner ... the only responsible way," Farrell said Diana, a top White House economic adviser.
One of the main crux of the problem has been corrected for the borrower after the second lien loan, mortgage, the main executive.
The new program will allow investors to hold the second lien mortgage loan to get some money back to them from refinancing through the Federal Housing Administration.
Federal Housing Administration Chief David Stevens said that despite the increase in the portfolio, the agency is still in rebuilding its capital reserves, which fell to less than 2 percent last fall by the U.S. Congress.
Stevens said that the Federation has announced new measures to better manage their risk.
"Therefore, the Federal Housing Administration to re-start the race in general, increase the capital, all of the steps we have taken will remain in orbit, there is no doubt the future," Stevens said in an interview, Reuters social community.
The plan in 2009 announced restructuring plan known as the affordable family has more than 100 million borrowers who are temporarily reduced, but they only paid about 170,000 borrowers who permanent changes.
This ratio has led to sharp criticism from Democrats and Republicans on Capitol Hill, as well as a sharp criticism of monitoring 70 billion U.S. dollars, to monitor the rescue.
Ohio Democratic Representative Dennis Kucinich, who stood with Obama in this week's landmark health care legislation, to government officials responsible for overseeing the rescue on Thursday, he has not seen any "bold, new "underwater loans approach.
"What are we doing to help people who owe more than their home, worth it?" Kucincih asked.
New efforts, including at least 3 up to 6 months of temporary assistance to unemployed workers and to encourage service providers to write part of the mortgage principal balance.
Recognizing the difficulties, the so-called loans, was revised to provide loans to unemployed workers, the Government's plan to reduce the amount of loans the lender 30 percent of the existing borrower's income.
Reduction plan will focus on management Hamp, a copy of the main cutting plan announced this week that Bank of America.
According to Massachusetts Attorney General's pressure, Bank of America Corporation said yesterday that it will provide what may be up to 30 billion dollars in loans to owners of about 45,000 troubled reliefs.
House Financial Services Committee Chairman Barney Frank, Massachusetts Democrat, said his group will continue to 4 mortgage loans, Bank of America, JP Morgan Chase, Citigroup, and Wells Fargo and participate in the voluntary repatriation program.
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