Obama expanding foreclosure aid program

By WEEK Producer

President Obama speaks at Knox College in Galesburg on Wednesday, July 24, 2013.

June 27, 2014 Updated Jun 27, 2014 at 1:56 PM CDT

WASHINGTON, D.C. -- The Obama administration is expanding a program aimed at helping homeowners avoid foreclosure.

The Making Home Affordable program launched in 2009 will now be extended through December of 2016.

The Treasury Department says more than one point $3 million homeowners have modified their mortgages under the program.

They have reduced monthly payments by about $540 a month.

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