Obama Revamps Mortgage Relief

More help is on the way for America’s unemployed: President Obama plans to revamp the strategy for battling the foreclosure crisis. The key element in the new plan is to require lenders to slash or eliminate monthly mortgage payments for unemployed borrowers. Specifically, lenders will have to reduce payments to no more than 31 percent of the borrower’s income, which, in most cases, will be an unemployment check. So far, only 200,000 borrowers have received relief under the administration’s existing $75 billion mortgage-relief program.