The Real Deal New York

Obama expected to announce plan to make more loan modifications permanent today

November 30, 2009 09:26AM

Obama’s loan modification plan, which has so far granted permanent mortgage payment adjustments to only a small fraction of those who received temporary relief, may soon get a boost. The administration is expected to announce a new initiative today that will help make more of that aid a long-term fix for troubled borrowers. The new additions to the $75 billion plan, which launched in April, include partnerships with organizations to offer homeowners assistance and a push for more transparency from loan servicers. In an effort to stave off rising foreclosures and to get more temporary modification recipients into permanent plans, the administration also recently loosened its requirements for documentation, which some said were hindering the process. [CNN Money]

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