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Obama hopes to change loan modification program

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The Obama administration plans to introduce changes to the Federal Housing Administration’s loan modification program today. The administration hopes new guidelines will help holders of FHA-issued mortgages to avoid foreclosure, by reducing mortgage payments to around 31 percent of monthly income and allowing homeowners to modify their mortgage after just one missed payment. The new plan also offers a $1,250 incentive fee to servicers for each mortgage they modify.

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Barack ObamaFederal Housing AdministrationForeclosuresMortgagesReal Estate Loans