Spain announces plan to help homeowners

Nov. 3, 2008 at 5:46 PM

MADRID, Nov. 3 (UPI) -- Spanish President Jose Luis Rodriguez Zapatero announced his intention Monday to help unemployed workers keep their homes.

In a plan revealed at a the Moncloa Palace, Zapatero said unemployed workers would be able to defer repayment of up to 50 percent of their monthly mortgage bills for a maximum period of two years, ThinkSpain.com reported.

The plan is expected to benefit 500,000 homeowners, but has limitations, ThinkSpain said.

The aid would be available for mortgages worth up to $214,000 and have a cap of $632 a month, the report said.

The plan, which is scheduled for approval at Friday's Cabinet meeting, would also cover inactive self-employed workers with families, the report said.

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