June 22, 2009 -- by Stephen Gandel -- Time
The government finally seems to be making progress in its efforts to stem the foreclosure crisis. Housing and Urban Development (HUD) officials say lenders extended loan-modification offers to 40,000 borrowers who were struggling to pay their mortgage in the second week of June. That is nearly triple the weekly average of about 15,000 workouts that loan servicers had extended in the prior 10 weeks since the government's latest foreclosure-prevention plan was announced.
"Foreclosures were becoming a self-reinforcing problem for the housing market," said HUD head Shawn Donovan, speaking to journalists last week at the National Association of Real Estate Editors' annual conference. "Already we are seeing signs that the housing market is better off than when President Obama took office."
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