Obama Loan Modification Plan Expands

Treasury Secretary Tim Geithner announces new steps by the Obama Administration aimed at helping troubled homeowners, reports CNBC’s Diana Olick; with Tanya Acker, attorney/Democratic strategist.

“If a modification is not possible, we are also announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future,” Geithner said. “These are critical steps in stemming the foreclosure crisis and stabilizing the housing market.”

Homeowners who do not qualify for a loan modification, their lenders could receive up to $1,000 if they allow the home to be sold in a short sale. To sweeten the pot for homeowners, a $1,500 carrot will be offered for relocation expenses.

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