White House swayed on mortgage aid

WASHINGTON — — With the Senate poised to take new action on the mortgage crisis and the House at work on far more sweeping proposals, the Bush White House is grudgingly giving ground on its ideological opposition to government intervention in the marketplace. After months of reluctance to pressure lenders to write down the principal on troubled mortgages, the administration announced Wednesday that it is now willing to do just that. Expanding an existing program, the Federal Housing Administration will allow borrowers who are behind on their payments and owe more on their homes than they are worth to refinance with a federally insured loan. For the full story visit http://www.latimes.com/business/la-fi-assess10apr10,1,2024693.story