November 11, 2008
WASHINGTON, D.C. -- The Federal Housing Finance Agency and the mortgage industry are unveiling a new plan aimed at making it easier for people to get assistance on home loans.
Under the plan, lenders will be able to modify the loans for those who are at least 3 months behind on payments.
And the interest rate would be adjusted so people won't have to pay more than 38-percent of their paycheck toward housing expenses.
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