Treasury Provides $3B More for Foreclosure Program

The government will provide another $3.1 billion to a group of mortgage servicing companies as an incentive to modify loans to combat record levels of foreclosures. The Treasury Department said recently that the modifications, which included reductions in projected payments for some companies, pushed the total amount for the program to $18.3 billion, from $15.2 billion.

The biggest adjustment was made for Countrywide Home Loans Servicing LP, part of Bank of America Corp., which received an increase of $3.3 billion, bringing its total to $5.2 billion.
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Barbara West
Communications Specialist
bwest@ncrealtors.org