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The Obama administration’s foreclosure prevention program was launched Wednesday. The multipronged fix calls for companies to help as many 4 million struggling borrowers by modifying loans so housing payments are no more than 31% of monthly gross income. Separately, homeowners who haven’t missed a payment can refinance into lower-cost loans even if they have little or no equity. This is expected to help up to 5 million homeowners. While borrowers are being encouraged to contact their loan servicers, companies said it would be several weeks before they can start processing applications. more…