Mortgage Modification Program

This sounds like a good step especially in that it states a goal is to halt the decline of house prices and forestall foreclosures. I'll have more shortly but thought this article was a good read.

DS

From CNBC.com:

U.S. banking regulators on Wednesday urged lenders and mortgage servicers to participate in a government program to support home loan modifications, in an effort to ease downward pressure on house prices and prevent home foreclosures. "By providing servicers and and holders of eligible residential mortgages with incentives to modify loans at risk of foreclosure, the program will promote sustainable alternatives to foreclosures," five federal bank oversight agencies said in a statement.

The message came as the Obama administration Wednesday gave lenders the green light to begin modifying home mortgages under a new $75 billion program aimed primarily at people facing imminent financial hardship.

To read more click here