Feds to announce aid for troubled mortgage holders
The Obama administration will unveil a plan Friday to help troubled borrowers by lowering payments through government-backed mortgages.
An Associated Press source says the new aid initiative is targeted at borrowers who owe more than their houses are worth.
The administration is also expected to announce another plan that could temporarily reduce the payments of borrowers who are unemployed and seeking a job.
The mortgages would be handled by the Federal Housing Administration.