The Real Deal Miami

Federal government could unveil mortgage plan

October 30, 2008 01:29PM

The government may announce a plan as early as today to use $50 million from the bailout bill to guarantee about 3 million mortgages. The program, run by the Federal Deposit Insurance Corporation, might involve lowering interest rates on loans for a five-year period. More than 4 million American homeowners were behind on their mortgage payments at the end of June, according to the Mortgage Bankers Association.