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Mortgage plan has "pretty good chance" of success: Geithner
NEW YORK |
NEW YORK (Reuters) - A U.S. mortgage loan modification program has "a pretty good chance" of success, though it will take a couple of months to gauge its effect, U.S. Treasury Secretary Timothy Geithner said on Wednesday.
Geithner told a gathering at the Council on Foreign Relations that plans to modify terms of mortgages in or in danger of default "has a pretty good chance of gaining traction."
However, he said it could take up to a couple of months before policymakers can judge the success of the plan.
(Reporting by Pedro Nicolaci da Costa; Editing by Theodore d'Afflisio)
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