The Jobless May Get Some Help With Their Mortgage

This is a very important step in my opinion.  It sounds like they would do a forebearance but few would benefit because only certain institutions would do it. 

That’s a bunch of BS in my opinion.  If someone can pay their mortgage and has been responsible, help them out.  They didn’t ask for this and the bank can benefit from it too because they will most likely end up with a performing asset.

This is why I think it is so important for any employed person, can’t be self-employed, who is buying a home to sign up for the Rainy Day Foundation program because they will cover up to $1,800 of your mortgage payment for 6 months if you lose your job within the first 2 years of purchasing the home.

http://money.cnn.com/2009/09/11/news/economy/forbearance_unemployment/index.htm?section=money_realestate