Mortgage Bankers Want to Help Unemployed Keep Their Homes
A bunch of stiff-suited bankers may be the last group you'd expect to launch a proposal that aims to give the unemployed a bit of mortgage breathing room.
Well, surprise, surprise! The Mortgage Bankers Association has offered up a voluntary forbearance program for home owners who have lost jobs and cannot make mortgage payments. The group's motive for cooking up the proposal, presented recently to federal authorities, says a lot about the state of our economy.