Thursday, October 23, 2008

Help for Homeowners

The Treasury Department, catching in breadth in the midst of the global economic downturn, is now apparently setting it's sights on a plan to help faltering homeowners directly:

A senior Treasury official says the department intends to get a program to help struggling homeowners revise mortgages up and running soon.

Neel Kashkari, who is heading the government's $700 billion financial rescue effort, told Congress the Treasury is working hard on the plan. It could include setting standards for changing mortgages to make them more affordable and giving loan guarantees to banks that meet them.

Kashkari told a Senate hearing that ''we are passionate about doing everything we can to avoid preventable foreclosures.''

And that's it for details. More to come soon, I'm sure.

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