Some relief for homeowners facing foreclosure: the feds and the banks are implementing broad changes to outstanding Fannie and Freddie home loans in a hopefully not too late effort to stem the housing market bloodletting. The new standards, which go into effect next month, will reduce interest rates and extend loan periods for homeowners three or more months behind in their payments. And for their part, Citigroup is halting foreclosures and reworking mortgages for those who live in their own homes and have incomes. But is it enough to stop the "downward spiral"? [NY Times]
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