Jobless to Get Mortgage Relief

US will tell lenders to cut or eliminate payments temporarily
By John Johnson,  Newser Staff
Posted Mar 25, 2010 6:15 PM CDT
Updated Mar 26, 2010 6:39 AM CDT
A 2007 file photo of a foreclosed home in Denver.   (AP Photo/David Zalubowski)

(Newser) – The US plans to tell banks to drastically slash or even eliminate the mortgage payments of unemployed borrowers for up to 6 months. The initiative is expected to be unveiled tomorrow as a new tool to help reduce foreclosures, which remain high in part because of the nation's stubborn unemployment rate, reports the Washington Post. Administration officials say it will be paid for with the remaining money in the $700 billion bailout fund.

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