Atlanta Conference Targets Mortgage Lenders

Hundreds of lenders will gather in Atlanta Thursday to hear the pros and cons of a $300 billion mortgage aid program federal housing officials say could eventually help 400,000 homeowners avoid foreclosure.

AP
Published: November 13, 2008

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ATLANTA (AP) - Hundreds of lenders will gather in Atlanta Thursday to hear the pros and cons of a $300 billion mortgage aid program federal housing officials say could eventually help 400,000 homeowners avoid foreclosure.

The Hope for Homeowners national training conference will continue through Friday.

The program allows troubled homeowners to swap risky loans for conventional 30-year fixed rate loans with lower rates.

But while borrowers can learn about the program, it’s up to lenders to agree to participate. That involves forgiving large portions of loans.

For two days, lenders from across the country will hear the good and bad sides of the program, as well as rules about who qualifies, as they decide whether to try it.