Mortgage, Foreclosure | featured news

The Obama administration today released details of $75 billion home loan modification and refinancing programs. Borrowers can start contacting loan servicers.

One in five U.S. homeowners with mortgages owe more to their lenders than their homes are worth, and the rate will increase as housing prices drop in states that have so far avoided the worst of the crisis, a new study shows.

While some U.S. governors were embracing the housing plan President Barack Obama announced last week, as a way to bolster their own assistance efforts, others worried that the plan is unfair.

Some believe the $75-billion proposal could provide the help they need to stay in their homes. Others -- even though they 'feel for people who are having trouble' -- say it's a taxpayer-funded bailout.

Chase CEO Jamie Dimon, whose bank received $25 billion in bailout funds from the government, refused to tell CNBC anchor Melissa Francis how the bank is performing this quarter.

"Can you tell me how this quarter is doing for JPMorgan?" Francis asked.

Dimon's brief response: "I can't."

As the Obama administration steps up efforts to help troubled homeowners modify their mortgages, it might consider the experiences of two South Floridians.

The Obama administration announced new plans to make it easier for up to nine million people to rework or refinance their mortgages. Geithner said the Treasury is increasing its funding commitment to Fannie Mae and Freddie Mac.

JPMorgan Chase & Co. and Citigroup Inc. are halting home foreclosures while the Obama administration develops its plans to help the U.S. housing market.

President Obama's administration is considering spending taxpayer dollars to cut monthly payments for homeowners on the verge of foreclosure, according to two people briefed on the proposals.

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