Reuters today reported that the Obama administration is putting together a mortgage-rescue program that would help make payments easier for hundreds of thousands of borrowers of Fannie Mae and Freddie Mac.

Treasury department officials, along with people from the Department of Housing and Urban Development late last week worked with these two companies’ regulators to agree on set standards on how to determine which borrowers would get some relief or how to convince other finance companies that provide home mortgages a way to follow their lead.

Treasury officials were still in these discussions throughout the weekend, considering various approaches to achieve those goals because in the past twelve months, previous foreclosure prevention initiatives have failed, helping only very few borrowers. This time, officials hope to be able to get rid of the difficult terms and the red tape that have killed mortgage-related aid efforts and at the same time reducing the expenditures taken on by the taxpayer.

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