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“We’re seeing significant buildup in the foreclosure process,” said Michael Barr, assistant secretary for financial institutions in an interview with Reuters. “We’re seeing a number of people, given the state of the economy, who are having trouble staying in their homes,” said Barr, the Treasury’s assistant secretary for financial institutions.
Barr, who met here with U.S. Rep. Dennis Moore and consumer and business leaders in Kansas, said dire housing market conditions made it “absolutely critical” for the government to keep mortgage rates low, and expand a program of loan modifications.
