Industry NewsMortgage

MBA floats plan for laid-off homeowners

Lenders ask government for 'Bridge to HAMP'
Published on Feb 24, 2010

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The Mortgage Bankers Association wants the government to provide backing for a new forbearance program that would allow lenders cut the monthly mortgage payments of unemployed homeowners for up to nine months.

The MBA says its "Bridge to HAMP" program would give unemployed homeowners time to find a job, after which they could apply for a loan modification under the Obama administration's Home Affordable Modification Program (HAMP).

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