The Making Home Affordable initiative to modify mortgages has finally begun helping local homeowners.
After a rocky start, the Obama administration’s Making Home Affordable initiative has helped over 2,300 Portland-area homeowners.
Homeowners say that, after the frustrating sign-up process is over, the program starts to help.
Nationally, homeowners in the program are getting their monthly payments dropped $516 a month, on average, from $1,428 to $837.
Despite the recent progress, efforts by the federal government and private banks are failing to stem the rising tide of foreclosures sweeping the nation.
Read more at the Portland Tribune.
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