The Obama administration on Friday announced a $14 billion effort to try to stem a rising tide of home foreclosures by giving lenders incentives to erase some mortgage debt and slash mortgage payments for the unemployed.
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The Obama loan modification program can lower the recipients credit score by as much as 100 points even if they are making payments on time.
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Emergency loans of up to $60,000 are being offered to jobless people who are struggling to make monthly payments on the mortgages. These loans are for as long as three years are to cover their monthly payments or take care of their arrears and thus prevent foreclosure.
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President Obama is expected to announce today a $1.5 billion program to help borrowers in the five states hit hardest by the housing crisis.

The initiative calls for pumping money into state housing agencies in California, Arizona, Nevada, Florida and Michigan to fund programs to prevent foreclosure for people who are unemployed or who owe more than their homes are worth.
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