In his latest effort to delay or halt the foreclosure process for the nation’s mounting unemployed homeowners, an administration official revealed that President Barack Obama is contemplating a new approach. The structure within the president’s new plan would permit unemployed homeowners to temporarily suspend, reschedule or skip monthly mortgage payments altogether.
Due to the ineffectiveness of loan forbearance options in the private sector, the official said it is logical for executive policymakers to deliberate and generate more effective means to endure. The official also admitted that applying such measures would be challenging due to a number of potential risks, including distorting the housing market.
While property values have declined, the number of mortgage loans defaulting continuing to rise and rate of unemployment at such an excessive level, President Obama’s plan is still evolving.
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