(RECAP: A federal program that sold more than 100,000 soured mortgages to private investors at discounted prices is getting a major overhaul. Changes announced by federal housing officials on Thursday follow months of criticism from legislators and housing advocates that the buyers of the loans have not done enough to keep struggling borrowers in their homes. The housing officials said that private investment firms buying delinquent mortgages would have to consider reducing the total amount of money owed on a mortgage as part of potential modification to make a loan more affordable. This represents a significant change in a government program that started in earnest four years ago in the wake of the housing crisis.)

Powered by WPeMatico