Numerous reports today on the announcement from the Obama Admnistration that the Making Home Affordable Program (MHAP) is ahead of schdule with 500,000 borrowers have received an approved or trail loan modifcation.  Here is the article from the LA Times Business section:

Mortgage modification program ahead of schedule, White House says

The $75-billion Making Home Affordable program, after a fitful start, has helped 500,000 borrowers get their payments lowered, the administration says.

Here is an excerpt from the article:

Bank of America, the nation's No. 1 mortgage servicer, said this week it would meet the goal set for it by the administration of 125,000 modifications by Nov. 1. The company said it had started about 95,000 modifications as of Sept. 30. Wells Fargo reported today that it had arranged 62,989 trial modifications under the program as of Sept. 30, nearly double the number of modifications it had done through the end of August.

Administration officials said that about 40% of the nation's estimated 1.2 million eligible homeowners are participating in the program. To qualify, a homeowner must be living in the house and the loan can't be above $729,500. The administration said it wants to modify 3 million to 4 million mortgages over the next three years.

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