Delinquent Home Owners Get More Help

On Tuesday, federal housing regulators announced a program to fast-track mortgage modifications for homeowners in Arkansas and around the count who are at least 90 days past due on their house payments. Recipients will get some combination of longer mortgage terms (i.e., a 40-year loan replacing a 30-year loan), lower rates or deferral of principal. Currently 9% of all homeowners are in some stage of default in the U.S.

Housing officials call it a "streamlined modification" program. It's for the 20 percent of delinquent mortgages that are owned or guaranteed by Fannie Mae or Freddie Mac. As for the other 80 percent of delinquent mortgages, the government hopes those investors will sign onto this plan, too.