The FDIC is encouraging companies that buy failed banks with troubled home loans to extend temporary help to people who have lost their jobs and can't pay their mortgage bills. FDIC is recommending that these banks reduce mortgage payments to an affordable level for the unemployed and underemployed for at least six months.

The plan would apply to buyers of deposits and assets of failed institutions that sign loss-sharing agreements with the FDIC.

Borrowers who cannot afford their payments once they get jobs would be considered for a loan modification program approved by the FDIC, which includes the president's plan. Eligible borrowers could have their monthly payments reduced to 31% of their pre-tax income if doing so would cost less than foreclosing on the home.

FDIC said banks in loss-share agreements must participate in such modification programs. Both forbearance and modification plans could ultimately save the FDIC money if they reduce losses due to foreclosure

The aid would apply to borrowers who have lost their jobs or those who have faced a reduction in in salary.

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

The agency in recent months has signed about 50 such agreements with those banks, under which it has agreed to take on most of the risk on about $80 billion in loans and other assets.