Close to 1m struggling US homeowners could be eligible to have their mortgage payments cut under a new government programme, in a move that builds on policy makers’ efforts to continue supporting the property sector.
The Federal Housing Finance Agency initiative targets borrowers at least 90 days late on their repayments who have little equity in their properties and have mortgages with Fannie Mae and Freddie Mac, the state-controlled financiers.
The FHFA’s two-year initiative underlines the government’s resolve in propping up the property market, and its launch in July indicates that some other government programmes designed to support the sector are likely to be maintained or extended.
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