Tuesday night, I checked in with Ellen Seidman of the New America Foundation, who specializes in the financial services industry, to find out her reaction. Seidman, who closely follows loan modifications, said that people don’t really understand that the Fannie and Freddie plan is aimed at heading off foreclosures among prime borrowers — the next segment of homeowners in danger of defaulting on their mortgages. In that sense, the program has some merit. LINK

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