The Obama administration plans to announce today a campaign to pressure mortgage companies to reduce payments for many more troubled homeowners as evidence mounts that a $75 billion taxpayer-financed effort aimed at stemming foreclosures is foundering, according to the New York Times.
“The banks are not doing a good enough job,” Michael S. Barr, Treasury’s assistant secretary for financial institutions, told the Times. “Some of the firms ought to be embarrassed, and they will be.”
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