With more homeowners falling in to foreclosure during these tough economic times President Obama is encouraging mortgage firms to pick up their step and complete more loan modifications. The Obama administration wants to see 500,000 trial modifications in place by Nov. 1. Currently, 200,000 are underway.

Last month Obama said, “Our mortgage program has actually helped to modify mortgages for a lot of our people, but it hasn’t been keeping pace with all the foreclosures that are taking place.” It’s clear that the government is overwhelmed by the number of loans defaulting.

This entry was posted on Tuesday, July 28th, 2009 at 6:58 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.