Obama crafting relief plan centered on Fannie, Freddie

02/9/2009 | Reuters

A mortgage-relief plan being developed by the Obama administration would rely on Fannie Mae and Freddie Mac to ease payments on mortgages facing delinquency. The administration hopes private Wall Street lenders would model their own relief plans on the Fannie/Freddie program. "They want to get rid of all the high-cost mortgages out there and figure that there are 1.5 million people who could stay in their homes this year if their loans were modified," said one industry source who asked for anonymity. "But it's just really complicated and expensive to do these kind of workouts."

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