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December 28, 2009

All Business: No consequences for borrowers who lied

By RACHEL BECK
AP Business Writer

NEW YORK — The government shouldn't reward liars. But that's the effect of changes to the Obama administration's failing program to help homeowners modify their mortgages.

Until recently the rules were clear: if you grossly understated your income to qualify for the program, you had to restart the loan modification process. It made sense. After all, we got into this housing mess partly because too many people were dishonest about how much they made.


 
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