WASHINGTON – The Obama administration, scrambling to get its main housing initiative on track, extracted a pledge from 25 mortgage company executives to improve their efforts to assist borrowers in danger of foreclosure. In an all-day series of meetings Tuesday at the Treasury Department, government officials reached a verbal agreement with the executives for a new goal of about 500,000 loan modifications by Nov. 1 and stressed the program’s urgency. As of this week, only about 200,000 borrowers were enrolled in three-month trial loan modifications, out of about 370,000 who were offered modifications by mortgage companies. The Obama administration’s goal is to help 3 million to 4 million borrowers.
This was just a quick blurb from a recent real estate article on www.baltimoresun.com. Please click on the link below to read the article in its entirety.
http://feeds2.feedburner.com/baltimoresun/business/realestate/rss2
