Charity’s Mortgage Program Helps Those Who Lost Jobs

The Rainy Day Foundation, a previously obscure financial-counseling charity, is doing a booming business in its program to provide job-loss insurance to mortgage holders, the San Francisco Chronicle reports.

Offered through about 100 builders and lenders nationwide, the Rainy Day Foundation’s coverage can provide people who buy homes up to six months of mortgage payments if they lose their job within two years after they buy a house.

Rick Del Sontro, the foundation’s chief executive, estimated that because of layoffs nationwide, the organization will pay out $8-million to homeowners in 2009, up from $4-million last year.