VOL. 123 | NO. 223 | Thursday, November 13, 2008
Gov't Considers Changes to Mortgage Program
By ALAN ZIBEL | AP Real Estate Writer
WASHINGTON (AP) - The government may allow more borrowers to qualify for a $300 billion program designed to let troubled homeowners swap risky loans for more affordable ones.
The "Hope for Homeowners" program was launched Oct. 1, but there are concerns that lenders won't participate because they have to voluntarily reduce the value of a loan and take a loss.
Department of Housing and Urban Development Secretary Steve Preston says the government is considering changes to "expand the relevance of that program."
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.