Expanding White House Program to Stem Foreclosures

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Posted By Scott Farrell on November 30th, 2009

The Obama administration is going to ramp up the pressure on mortgage lenders to accelerate the loan modifications by highlighting firms that are slow in this area.  The $75 billion Treasury Program would pay the mortgage lender $1000 that agree to lower troubled borrowers initially and then $1000 for the next 3 years.  This program has received a lot of criticism for failing to stem the tide of foreclosures.  To read the full story as reported by CNBC click here.

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