by Calculated Risk on 11/11/2008 12:19:00 PM

From the WSJ: Fannie, Freddie Work on Mass Loan Modification Plan

Fannie Mae, Freddie Mac and U.S. officials are expected to announce plans Tuesday to speed up the modification of hundreds of thousands of loans ... The streamlined effort will target certain loans that are 90 days or more past due ... The program will aim to bring the ratio of mortgage payments for these homeowners to 38% of their income by modifying interest rates and in some cases forgiving portions of principal debt ...

The announcement is expected to come at a press conference at 2 p.m. at the Federal Housing Finance Agency ...