New loan mod program aimed at seconds

Changes also proposed for FHA refi program

Get smarter. Grow your referral network at Inman Connect San Francisco
Limited seating still available, July 17-20

Saying that half of at-risk mortgages have second liens that complicate the process of modifying them prevent foreclosures, the Obama adminstration today announced the government will share in the cost of lowering payments on second mortgages and provide incentive payments to loan servicers who go along.