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July 22, 2010

Record Foreclosures Expected in 2010 Despite Federal Efforts
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In other economic news, lawmakers were told Wednesday the Obama
administration’s program to help homeowners avoid foreclosure has fallen
far short of its goals. Since the program was announced in March 2009,
only 390,000 homeowners have seen their mortgage terms permanently
changed, which is far lower than the three to four million borrowers who
were supposed to receive assistance. A record one million homeowners are
expected to lose their homes to foreclosure this year.



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