Mortgage aid program is on track, says official

WASHINGTON (Dow Jones) - In six months, 75 billion U.S. White House-backed program to help homeowners is to be taken to the track at more than 500,000 homeowners, estate agents have a key role by using the government said on Wednesday. Unable to perform Translation:invalid textManagers have extended loans of more than 571,000 bids to modify the loan, while some owners have begun a 360.000 the process of change, according to Dave Stevens, Secretary of Housing and Urban Development Department. \ "The current program will meet on its path towards the goal of a loan for more than half a million homeowners deserve November 1, \ hat" Stevens. Unable to perform Translation:invalid textThe requirement, at a meeting in July and guide services, over half a million mortgage November 1 change. Stevens said that about 2.7 million homeowners refinanced in February, under a government program, but also through private transactions. Unable to perform Translation:invalid textBut the chairman of the subcommittee on housing House Financial Services Committee, Maxine Waters, D-Calif., Said the program still fighting, and remember that only 15% of the 2.7 million homeowners could be eligible helped. She notes that Credit Suisse expects 8.1 million homes go into foreclosure over the next four years. Unable to perform Translation:invalid text\ "It must be done, \" said Waters. \ "Foreclosures are rising. \" Unable to perform Translation:invalid textThe legislator also said that some are concerned that servicers are pursuing a process of exclusion as a process of change underway. \ "Some repairers said today the inclusion of only 4% of eligible borrowers. \" Unable to perform Translation:invalid textRep. Spencer Bachus, R-Ala., Said the ranking Republican member of the House Financial Services Committee, felt the approach of the White House was flawed from the outset. Unable to perform Translation:invalid text\ "The best way to improve the situation, and our economy. If they lose their jobs, lose their homes. We must ensure that the private sector, create jobs, \" Bachus says. \ "A landlord who needs love, he lost his job a new job, no government. \" Unable to perform Translation:invalid textMichael Barr, assistant secretary for financial institutions, the Treasury said it was the implementation of programs have a significant impact, and not the government to appoint officials to 500,000 changes when he meets this goal. Unable to perform Translation:invalid textHowever, he added that more must be done. \ "Servicer Performance is patchy and uneven geographical necessity. Servicer able to find eligible borrowers. \" Unable to perform Translation:invalid textBarr said regulators are measures to expand the mortgage repair, the number of borrowers who are interested in the loan-modification program in question. He said the Finance Ministry urging managers willing to take on more staff, develop the ability to call centers and, in general, more resources to the problem program.At two programs. The affordable Home Modification program uses no less than $ 75 billion, part of the Troubled Asset Relief Program Manager loans as an incentive to encourage loans for modifications to homeowners to take risks. Unable to perform Translation:invalid textAnother program, the program cheapest main refinancing operation, access to refinancing facilities for families whose homes have lost value and their mortgage payments will be reduced to market rates of expansion.