New Housing Program Is Aimed at the Unemployed

[ProSense]

New Housing Program Is Aimed at the Unemployed

By ANDREW MARTIN

A day after President Obama announced admitted his housing programs had fallen short, his administration unveiled an initiative to help unemployed homeowners stay in their homes.

The program announced Thursday will allow eligible homeowners to postpone all or part of their mortgage payments for a year or more. Currently, several government programs allow those homeowners to postpone payments for a few months, far shorter than it takes many unemployed people to find another job.

“Providing the option for a year of forbearance will give struggling homeowners a substantially greater chance of finding employment before they lose their home,” said Shaun Donovan, Housing and Urban Development secretary.

The program was announced as the Obama administration has come under pressure to improve its programs to help struggling homeowners avoid foreclosure, programs that critics insist are woefully inadequate.

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[ClarkUSA]

1. What a great move. I have friends who will love to hear this.

[ProSense]

2. No other comments? n/t

[vaberella]

3. I appreciate this. Thanks for the news Prosense. n/t