The Federal Financial Regulatory Agencies statement released recently urges mortgage lenders to “identify borrowers at risk of default and pursue appropriate loss mitigation strategies designed to preserve home ownership.” Basically– find out who’s struggling and help them!

President Bush also announced his recommendations for the mortgage crisis recently (view video for comments or read Bloomberg article.) The President has proposed assisting consumers caught in high-risk mortgages to refinance into traditional mortgages insured by the Federal Housing Administration.

Bottom Line: There is no free money coming your way if you’re struggling with your mortgage; however lawmakers are beginning to take notice of the national crisis developing. A HUD-approved counseling agency can work with you and your lender to create a workout plan to get you back on track (contact Family Credit Counseling Service if you need help finding a HUD-approved counselor.) Rather than burying your head in sinking sand hoping your mortgage crisis will fix itself, stay informed of national news updates and take advantage of any assistance that becomes available.