Comments made by Seth Wheeler, senior adviser to the Treasury Department, to the American Securitization Forum last week signal the Obama administration may be pulling back from a plan to encourage loan modifications for homeowners who are facing foreclosure. "Short sales, deeds in lieu are other ways to prevent foreclosures to help achieve stability [in housing]," Wheeler said. "Modifications are only for a certain subset of distressed homeowners." Those programs try to remove homeowners from their houses "as quickly and cleanly as possible."
Published in Brief: