Fannie Mae, Freddie Mac, and the housing industry officials plan a new mortgage modification program to stop foreclosure
Media Release
Nov. 11, 2008

Under the proposal, mortgage servicers will work with borrowers to reduce monthly payments to 38 percent of their income, a level considered a threshold for affordability, using a combination of lower principals, interest-rate reductions and extensions, the people said.

The initiative would expand efforts by the Hope Now Alliance, a group of investors, advocacy groups, and mortgage lenders and servicers such as Citigroup Inc. and Wells Fargo & Co. that Treasury Secretary Henry Paulson helped create last year. Paulson has called a housing recovery central to the economy's revival and urged Fannie and Freddie -- now under government control -- to play a bigger role.

Fannie Mae, Freddie Mac, and the housing industry officials plan a new mortgage modification program to stop foreclosure
Media Release
Under the proposal, mortgage servicers will work with borrowers to reduce monthly...
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