Obama Administration Increases Home Owner Relief Efforts

Mar 30, 10 Obama Administration Increases Home Owner Relief Efforts

With 20% of American mortgages underwater, the Obama administration has been under a great deal of pressure to expand programs designed to assist homeowners in danger of foreclosure.  To that end, President Obama announced that an additional $14 billion in aid will be provided in order to shore up the F.H.A. and other assistance programs.

This assistance will come in the form of loan forgiveness, direct aid, and loan refinancing.  As of now, the federal government has been unable to stem the tide of foreclosures and underwater mortgages.  However, these newly announced initiatives are expected to help between 3-4 million Americans.

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