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The Obama administration disclosed plans Friday to add two key components to its homeowner-assistance program: mortgage help for borrowers who have lost their jobs and principal-balance reduction for those with unaffordable monthly payments.
Homeowners facing the possibility of foreclosure said they were encouraged by the new additions to Obama’s Home Affordable Modification Program, or HAMP, especially the push to reduce loan balances for millions who owe more than their homes are worth. more…