Obama loan relief plan hits goal early

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Associated Press

Posted on October 8, 2009 at 10:04 AM

Updated Thursday, Oct 8 at 10:04 AM

WASHINGTON (AP) — The Obama administration's mortgage relief program has hit its goal of helping 500,000 borrowers, almost a month ahead of schedule.

The government in July gave the lending industry a Nov. 1 deadline to meet that goal for the $50 billion program, which is designed to reduce foreclosures by lowering borrowers' monthly payments to more affordable levels. The lenders hit the government's goal on Oct 6, officials said Thursday.

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