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Administration Offers Details and Guidelines on Mortgage Aid Plan

Reduced payments as part of modified mortgages agreed to by credit unions and other loan servicers would stay in place for five years, according to the details of the Obama administration's housing assistance plan released today.

By Claude R. Marx | Updated on March 03, 2009

Reduced payments as part of modified mortgages agreed to by credit unions and other loan servicers would stay in place for five years, according to the details of the Obama administration’s housing assistance plan released today.

The loan rate would be capped for the life of the loan and the goal of rewriting the terms of the mortgage is to reduce the percentage of income a family pays for its mortgage to 31%.

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