Gov't Considers Changes To Mortgage Program

By: AP
By: AP
A for sale sign stands in front of a bank-owned home in Las Vegas, Friday, Feb. 8, 2008.  Regulators are trying to punish Wall Street for mortgage finance practices that expanded home ownership and spread risk among a host of new players _ but also may have duped borrowers and investors who supplied cash to fuel a housing boom that's turned bust. (AP Photo/Jae C. Hong)

A for sale sign stands in front of a bank-owned home in Las Vegas, Friday, Feb. 8, 2008. Regulators are trying to punish Wall Street for mortgage finance practices that expanded home ownership and spread risk among a host of new players _ but also may have duped borrowers and investors who supplied cash to fuel a housing boom that's turned bust. (AP Photo/Jae C. Hong)

WASHINGTON – The government may allow more borrowers to qualify for a $300 billion program designed to let troubled homeowners swap risky loans for more affordable ones.

The "Hope for Homeowners" program was launched Oct. 1, but there are concerns that lenders won't participate because they have to voluntarily reduce the value of a loan and take a loss.

Department of Housing and Urban Development Secretary Steve Preston says the government is considering changes to "expand the relevance of that program."


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