PRESIDENT ANNOUNCES PLAN TO HELP HOMEOWNERS

1. For people that owe more than their homes are worth a new loan program available through the FHA will be available.

2. Lenders will be offered financial incentives to reduce the principal owed on upside-down homes.

3. For homeowners that have lost their job, there will be 3 to 6 months of temporary assistance with their mortgages.

4. There will be additional government funds available as incentives for second mortgage lenders to eliminate or reduce the principal balances owed.

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