Getting your player ready...
WASHINGTON — The Obama administration plans to set up an emergency loan program for the unemployed and a government refinancing effort in the next few weeks to help homeowners pay their mortgages after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said.
“The July numbers were worse than we expected, worse than the general market expected, and we are concerned,” Donovan said on CNN’s “State of the Union.”
The administration will begin a refinancing effort to help borrowers who are struggling to pay mortgages and will start an emergency loan program for unemployed borrowers, Donovan said.
