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The Federal Deposit Insurance Corp. provides loss-sharing protection to banks and other acquirers of failed depositories so they will acquire and manage troubled assets. These acquirers also agree to follow a FDIC loan modification program for struggling borrowers.

Now the FDIC wants homeowners who lose their job to get immediate relief. "This is simply good business since foreclosure rarely benefits lenders and would cost the FDIC more money, not less," said FDIC Chairman Sheila Bair.

"With more Americans suffering through unemployment or cuts in the paychecks, we believe it is crucial to offer a helping hand to avoid unnecessary and costly foreclosures," Bair said.

FDIC is "encouraging" its loss-sharing partners to temporarily reduce mortgage payments for at least six months when borrowers lose their jobs.

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