Over a half a million homeowners have had their mortgages modified under the plan President Barack Obama began earlier this year. Treasury Secretary, Timothy Geithner said, “Unaffordable mortgages are now being modified at a pace faster than homes are being sold in foreclosure proceedings.” He also went on to say that 40% of the 1.2 million homeowners deemed eligible for loan modifications under the Obama plan have received them.

This is still a taxing process for many homeowners who still find themselves nearing foreclosure. So, although the administration celebrates this milestone they are still very aware that there’s much more to be done.

This entry was posted on Thursday, October 8th, 2009 at 6:28 pm and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.