clipped from www.ctv.ca Once again, the U.S. government has offered a plan to help troubled homeowners. Once again, critics say it doesn’t go far enough.The plan announced by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable. But there’s a catch. The plan focuses on loans Fannie and Freddie own or guarantee. They are the dominant players in the U.S. mortgage market but represent only 20 per cent of delinquent loans. Sheila Bair, chairman of the Federal Deposit Insurance Corporation, says the plan falls short of what is needed to achieve wide-scale modifications of distressed mortgages.

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