HUD secretary, Congress debate foreclosure plans

WASHINGTON (AP) — Against a backdrop of record-low new home sales and ballooning losses from foreclosures, Housing Secretary Shaun Donovan told lawmakers Thursday that the lending industry is set to launch the Obama administration’s $75 billion foreclosure prevention program next week.

Final details will be released Wednesday, but Donovan said the plan will allow borrowers with big debts from car loans, credit cards and unaffordable mortgages to have their home loans modified to lower the monthly payment, even if they are not in default.

For full article, click on this link:

http://www.google.com/hostednews/ap/article/ALeqM5gk-O6w-BLfUXwpefbNc-d3Z2X6-QD96JI9SO1