White House Eyeing Mortgage Relief for the Unemployed

The Obama administration is considering ways to provide mortgage relief for unemployed workers to help them stay in their homes, according to a Department of Housing and Urban Development official. "As the economy has weakened, unemployment has become an increasing cause of mortgage default and foreclosure," said HUD senior advisor William Apgar. "Recognizing this, the administration is now exploring a series of programmatic options that can help unemployed workers get the mortgage assistance that they need." Bank of America servicing executive Allen Jones noted that there is a significant population of unemployed homeowners and a growing need for assistance. "We would welcome the opportunity to work with Treasury on a program that would officer short-term relief while unemployed borrowers seek re-employment," Mr. Jones said. Both men made their comments before the Senate Banking Committee Thursday.