Obama puts the squeeze on mortgage companies


The Obama administration has for months pressured the mortgage industry to bail-out homeowners who have fallen behind in their mortgage payments. Now, it wants the industry to try harder.

According to the Wall Street Journal, "The Obama administration is pressing mortgage-servicing companies to step up their efforts to modify troubled loans under its housing-rescue program, the latest sign of frustration with the pace at which mortgage companies are reworking troubled loans."