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Homeowners get Principal Writedowns on Mortgages Under Treasury Plan

Almost 5,000 homeowners have permanently lowered their mortgage principal under an Obama administration program to prevent foreclosures.

The effort has reduced principal debt by an average of $70,000 per borrower, the U.S. Treasury Department and Department of Housing and Urban Development reported today in their monthly scorecard on foreclosure-prevention efforts.

Today’s scorecard was the first to report progress on the agency’s principal-reduction effort, which began in October.

Read more: http://www.moneynews.com/Economy/Homeowners-Win-Mortgage-Deb...