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Obama's loan modification program




Weeds grow in the driveway of a foreclosed home on May 7, 2009 in Antioch, California.
Weeds grow in the driveway of a foreclosed home on May 7, 2009 in Antioch, California.
Justin Sullivan/Getty Images

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To bolster its effort to reduce foreclosures, today the Obama administration announced new changes to its Home Affordable Modification Program. The proposed measures include allowing unemployed homeowners a three-month break in payments and giving lenders incentives to reduce the principal on delinquent loans. Will the new plan help to keep home foreclosures down?

Guest:

Richard Green, Director, USC Lusk Center for Real Estate