The new new housing plan
The AP has a nice explainer on Obama's proposed $75 billion effort to prevent foreclosures. The idea is to keep 3 to 4 million people from losing their homes by the end of 2012. So far, the administration's efforts have helped a mere 175,000. Here's the nut graf:
Borrowers will get help in three ways: Jobless homeowners can get a three-to-six-month break on their mortgage payments. Banks will get financial incentives to reduce mortgage balances for under-water borrowers. And lenders can offer refinanced loans backed by the Federal Housing Administration to these borrowers.
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