Obama loan relief plan hits goal early

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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.

Copyright 2009 The Associated Press