White House presses banks on mortgage modifications

07/29/2009 | Washington Post, The

The U.S. government's efforts to curb foreclosures has gotten off to a rocky start, prompting a meeting between senior officials from the Obama administration and executives from the largest banks in the nation. The Treasury is encouraging bankers to ramp up its efforts to modify mortgages and help struggling homeowners. Making Home Affordable, the government program launched in March, has helped about 200,000 homeowners modify their loans. The Treasury wants 500,000 mortgage modifications by Nov. 1.

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