“The federal government said Thursday it had met its goal of beginning trial loan modifications for 500,000 financially troubled homeowners in a sign the foreclosure-prevention plan is gaining traction.
The loan numbers were released as several senior House lawmakers expressed support for extending an $8,000 tax credit for first-time home buyers. Talk of extending the credit shows how lawmakers believe the fragile housing market remains dependent on federal support.
Treasury Secretary Timothy Geithner said the number of people participating in the modification effort is, for the first time, increasing at a rate faster than that of new families facing the risk of foreclosure. But the number of families at risk is still ‘unacceptably large,’ he said…”
Read the article: http://online.wsj.com/article/SB125504704023074901.html
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