Mortgage Rescue | featured news

The House has passed legislation to give debt-strapped homeowners a chance to win lower mortgage payments through bankruptcy courts.

The Obama administration today released details of $75 billion home loan modification and refinancing programs. Borrowers can start contacting loan servicers.

While some U.S. governors were embracing the housing plan President Barack Obama announced last week, as a way to bolster their own assistance efforts, others worried that the plan is unfair.

Some believe the $75-billion proposal could provide the help they need to stay in their homes. Others -- even though they 'feel for people who are having trouble' -- say it's a taxpayer-funded bailout.

The Obama administration announced new plans to make it easier for up to nine million people to rework or refinance their mortgages. Geithner said the Treasury is increasing its funding commitment to Fannie Mae and Freddie Mac.

President Obama's administration is considering spending taxpayer dollars to cut monthly payments for homeowners on the verge of foreclosure, according to two people briefed on the proposals.

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