Obama Hints At Pressuring Banks To Cut Mortgage Principal For Underwater Homeowners

During a “Twitter town hall” today, President Obama hinted that his administration wants to apply more pressure on banks to modify mortgages for underwater homeowners, including implementing principal reductions, which reduce the overall loan amount. After claiming (dubiously) that administration programs have helped several million homeowners, Obama said, “It’s not enough, and so we’re going [...]

Source: http://thinkprogress.org/economy/2011/07/06/261929/obama-housing-hints-principal/

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