Obama admin. dissatisfied with loan modifications
The Obama administration on Thursday said it was dissatisfied with slow progress in saving troubled mortgages from foreclosure, and officials vowed to improve their efforts and study new ways to keep unemployed Americans in their homes, possibly as renters.
A senior Treasury Department official told the Senate Banking Committee that 160,000 home owners were now on trial modifications to see if they could afford reduced monthly payments, but volumes needed to increase rapidly.
