Fannie Mae, Freddie Mac and Feds to Speed Up Home Loan Modifications - FOXBusiness.com: "Sources told FOX Business Network that Fannie Mae, Freddie Mac and U.S. government officials will announce later Tuesday that they will hasten efforts to modify hundreds of thousands of loans that are past due. The goal is to bring the ratio of household debt to income for the borrowers down to 38%. U.S. government officials also plan to encourage large banks that hold loans to take similar steps.
The program will be an extension of HOPE NOW alliance, which was announced last year and is designed to prevent foreclosures by reworking the terms of mortgages."
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