New Mortgage Workout Plan

The Washington Post leads with word that the Federal Deposit Insurance Corp. will announce a new plan today to help stem the tide of foreclosures across the country. The new plan, which would carry a $24.4 billion price tag, could help prevent 1.5 million foreclosures in the next year by offering to share losses with companies that agree to decrease monthly mortgage payments. The New York Times leads with the diminishing chances that Democratic lawmakers will be able to pass a bailout for Detroit’s automakers before January. While Democrats tried to put on a happy face and say that they’ll get what they want once President-elect Barack Obama takes office, some fear one of the Big Three will go under before then.

The New Workout Plan
by Daniel Politi