American Homeowners Offered Mortgage Help

The US government has stepped in with another support package for mortgage borrowers.

Homeowners in the United States are to benefit from a new agreement between the government and the mortgage industry. Under the deal, up to four million mortgage borrowers could see their repayments capped in an effort to halt a rise in repossessions.

The plan involves cutting interest rates on home loans packaged by the mortgage giants Fannie Mae and Freddie Mac to ensure that borrowers spend no more than 38 percent of their income on housing payments. In some cases, loans will be extended to bring down monthly bills.

According to the latest US Foreclosure Index from Foreclosures.com, mortgage lenders repossessed 84,286 properties in October. The website said foreclosures are likely to be a major issue facing president-elect Barack Obama when he takes over from George Bush in January.

James Lockhart, director of the US Federal Housing Finance Agency, said: "Foreclosures hurt families, their neighbours, whole communities and the overall housing market. We need to stop this downward spiral."

To qualify for mortgage help under the new plan, homeowners have to be at least three months in arrears and owe more than 90 percent of the value of their home. According to the Guardian, 500,000 US citizens are currently in the process of losing their property.

© Source: money.co.uk

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American Homeowners Offered Mortgage Help

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