Admistration, Mortgage Servicers Meet; Agree To Increase Pace Of Loan Modifications

Bloomberg News reports:

• Mortgage servicers meeting with Obama administration officials pledged to step up the pace of loan modifications, according to the U.S. Treasury. “With over 200,000 trial loan modifications already under way, we are on track to meet our goals,” Treasury Secretary Timothy Geithner said in a statement today. “Still, too many homeowners are at risk of foreclosure right now. Today’s meeting was an opportunity to identify ways to accelerate the program and bring relief faster.” The administration is setting a goal of beginning at least 500,000 trial modifications by Nov. 1, according to the statement.

For more, see Mortgage Servicers Pledge to Step Up Pace of Loan Modifications.