The Biden administration on Friday unveiled plans to expand aid for homeowners with government-backed mortgages, an effort to stave off a wave of foreclosures for Americans who fell behind on payments during the coronavirus pandemic.

The White House announced the new assistance as other pandemic relief programs for homeowners are set to expire: A federal ban on foreclosures will lapse on July 31, while a similar program that granted a reprieve to individuals with mortgages backed by Fannie Mae and Freddie Mac ends on Sept. 30.

YELLEN SAYS INFLATION WILL BE HIGHER THAN BIDEN ADMINISTRATION ESTIMATED

The latest steps are intended to allow homeowners who lost their income as a result of the pandemic to extend their monthly government-backed…

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