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US Treasury launches mortgage modification program

Published 03/04/2009, 09:28 AM
Updated 03/04/2009, 09:32 AM

WASHINGTON, March 4 (Reuters) - The Obama administration on Wednesday launched a $75 billion mortgage modification program aimed at preventing home foreclosures for single-unit home loans up to $729,750.

Unveiling more details of the program, the U.S. Treasury said borrowers would be required to demonstrate financial hardship to their loan servicers, such as a job loss or an imminent payment increase that cannot be met.

Loans considered for modification to reduce monthly payments must have been originated before Jan. 1, 2009 on owner-occupied homes, the Treasury said. (Reporting by David Lawder; Editing by Theodore d'Afflisio)

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