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Foreclosure Amendment Approved by the Senate

The US Senate has approved an amendment to an economic stimulus bill that will help Foreclosure Mitigation efforts gain $50 billion in fund from the Troubled Asset Relief Program of the Treasury Department.

The approval came in the wake of the promise made by the Presiden Obama to the hapless home oweners facing foreclosure. The Amendment would help the administration modify mortgage loans for the benefit of such homeowners.

No less than 2 million foreclosures would be prevented with the redirection of the fund from the Treasury Department to the Loan Modification Program.

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