The Obama administration Friday said its mortgage modification program continued to make progress, with the number of homeowners receiving permanently reduced monthly payments in February increasing by 45 percent to 168,708. An additional 91,483 three-month trial modifications have been approved by the companies servicing the mortgages and were awaiting acceptance by the borrowers, the Treasury Department reported. While the numbers continue a steady increase in recent months, only about 15 percent of homeowners who have started trial modifications have had them made permanent.

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Permanently modified mortgages grow by 45%, government says