MW: Obama offers more relief for unemployed homeowners
By Ronald D. Orol
WASHINGTON (MarketWatch) - The White House on Thursday said two programs that at times provide assistance to unemployed homeowners will be extended to allow these borrowers to stay in their homes longer. Participants in special Federal Housing Administration and Making Home Affordable programs that give unemployed borrowers a few months' forbearance on their mortgages will have that period extended to 12 months, according to the administration. "The current unemployment forbearance programs have mandatory periods that are inadequate for the majority of unemployed borrowers," U.S. Housing and Urban Development Secretary Shaun Donovan said.
