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Home loan relief plans could help unemployedOn Tuesday, a government housing official told a U.S. House of Representatives panel that the Obama administration is currently working on a way to offer more home loan relief to the unemployed, Dow Jones Newswires reports. These plans may include permission for the Federal Housing Administration to help households in which a breadwinner has been laid off due to the recession, Vance T. Morris, Housing and Urban Development director for single family asset management, told the panel. The news comes after President Obama unveiled his vision for how to reach out to certain groups of troubled homeowners. So far, those who have lost jobs and cannot pay their mortgage as a result have not been explicitly addressed. The American Recovery and Reinvestment Act has provisions that benefit two main groups of people: homeowners with high-interest adjustable-rate mortgages whose home equity has fallen and those who are facing foreclosure. Further details about the administration's plans to help struggling mortgage holders are set to be announced on March 4th.
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