The Department of Housing and Urban Development said Monday that its new program to help struggling borrowers will begin as scheduled on Oct. 1.
A law passed in July requires the agency to create a program to let underwater borrowers refinance into Federal Housing Administration-backed loans after lenders and servicers agree to a substantial writedown. The bill left it to HUD and federal regulators to settle on eligibility criteria, among other elements to be worked out. HUD did not provide details on eligibility criteria or other issues.
