By Max Fisher of The Atlantic Wire
The White House is rolling out a program to fight back against the home foreclosures that have been crippling American communities for almost three years. The plan especially aids the unemployed, requiring that mortgage lenders temporarily slash required payments for job-seeking homeowners. Lenders would have to temporarily cap payments at no more than 31 percent of the borrower’s income. The plan also alleviates payments on “underwater” mortgages, where homeowners owe more on a house than it is worth. Is the plan any good?
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