Obama admin: foreclosure prevention effort on track

WASHINGTON (Reuters) – The Obama administration’s effort to combat rising U.S. home foreclosures is on track to meet the goal of modifying more than half a million delinquent mortgages by November 1, a senior administration official said.

In testimony prepared for delivery at a congressional hearing on Wednesday, Federal Housing Administration Commissioner Dave Stevens said mortgage servicers had extended more than 571,000 loan modification offers through August.

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