WASHINGTON, D.C. -- The Obama administration will announce Friday a plan to reduce the amount some troubled borrowers owe on their home loans, two people briefed on the matter said.
The two people declined to be identified because the program had not yet been announced. Details could not immediately be learned. But earlier in the day, Herbert Allison, an assistant Treasury secretary, told reporters officials are close to expanding the administration's $75 billion foreclosure relief effort.
The administration is also expected Friday to announce aid for homeowners who have lost their jobs.
The White House scheduled a briefing for reporters on housing policy at 10 a.m. Friday.