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U.S. Treasury Reviewing OTS Homeowners Plan, Spokeswoman Says - The U.S. Treasury is ``interested'' in a proposal to help homeowners facing foreclosure by refinancing their mortgages on homes that have fallen in value, a department spokeswoman said.

            

          

By John Brinsley
           

      

The Office of Thrift Supervision is developing a program to prevent borrowers from abandoning homes worth less than the amount of the loan. Homeowners would be able to refinance their mortgage at the current market values, with the lender getting a ``negative-equity certificate'' to be redeemed once the home is sold, OTS Director John Reich said yesterday.

Mortgage Plan Seeks To Stem Foreclosures; help mortgage borrowers who owe more than their homes are worth and to discourage them from abandoning those properties

By Dina ElBoghdady
Washington Post Staff Writer
Thursday, February 21, 2008; D01

The Office of Thrift Supervision is preparing a plan to help mortgage borrowers who owe more than their homes are worth and to discourage them from abandoning those properties, agency officials said yesterday.

Under the regulatory agency's proposal, still in its early stages, these borrowers would refinance into government-insured loans that cover the current value of their homes. The refinancing would pay part of what's owed to the original lender. For the remainder, the lender would get what the plan's backers call a "negative equity certificate." The lender could redeem the certificate if the home is eventually sold at a higher price.