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...part of the program has tight restrictions: homeowners must be current on their mortgage payments, live in the home, have a FICO score of at least 500 and qualify for a standard FHA-backed loan once the principal is reduced. Those who get a modified loan must make full monthly payments for three years for the principal to be reduced permanently. The high standards for these loan modifications suggest that the Administration hopes to head off another wave of loan defaults and foreclosures by providing help earlier in the process...
...will not default on the new refinanced loans. "We don't want to be overly optimistic about that," said Barr during a briefing on Friday. "Modifications are hard - they're done for people who are struggling with their mortgage, and so you expect a lot of people not to make it - and a lot of people won't make it." However, he says two-thirds of the people in the government's present loan-modification program are current on their payments. (See the top 10 financial-crisis buzzwords...
...modification effort has not been very successful to this point in time," he says. However, he believes that only a small fraction of troubled homeowners will qualify for the program. "It will probably help some additional portion of the public, but I'm not sure it's enough to make a difference [in the overall housing recovery]," says Curran...
...Local people have shed taboos about eating gorilla meat, so the bush-meat trade is on the rise. Mining and logging camps hire professional poachers to feed their workers and the refugees who have fled nearby conflict. Though gorillas still make up a tiny percentage of the trade, losses can be devastating, because the gorilla numbers are so low and their communities are so tightly knit. (See pictures of what the world eats...
...gorilla in eastern Congo's Virunga National Park. Mountain-gorilla numbers rose from about 250 in the 1950s to some 380, thanks mostly to stepped-up ranger patrols that target poachers and loggers who cut down wood for charcoal. "It has been a success story, but it doesn't make them any less vulnerable," says Emmanuel de Merode, director of Virunga National Park. "We're dealing with an unusual situation, where we have very low numbers in a single location. It's like having all your eggs in one basket, and that makes them very vulnerable beyond the success...