Obama's First 100 Days: What He's Done So Far

The Obama administration Wednesday gave lenders the green light to begin modifying home mortgages under a new $75 billion program aimed primarily at people facing imminent financial hardship.

CNBC.com

Unveiling eligibility guidelines for a foreclosure prevention plan first announced on Feb. 18, the U.S. Treasury said borrowers would be required to demonstrate hardship to their loan servicers, such as a job loss, reduction in income or a looming payment increase that cannot be met.

They must also fully document income and prove occupancy.

The program, which provides cash incentives to loan servicers to reduce monthly payments, will only modify single-dwelling mortgages up to $729,750 originated before Jan. 1, 2009.

Loans on owner-occupied two-unit dwellings can be modified up to $934,200, and 4-unit dwellings up to $1.403 million.

President Barack Obama ordered a crackdown on waste and cost overruns in U.S. government procurement that he estimates will save up to $40 billion a year, an administration official said.

Elected on campaign promises of sweeping change and greater accountability in Washington, Obama, will sign a presidential memorandum seeking to "reform our broken system of government contracting," the official said.

Keep track of what Obama has been doing since taking office:

Day 43: Stimulus Package Looking Hopeful? (Mar. 3)

• The stimulus package may pack a big punch in the current crisis because households and businesses struggling to get credit are more likely to spend the money, a top White House adviser said. (Full Story)
• Obama said he saw little hope of near-term improvement in the U.S. economy after a staggering drop in gross domestic product in the final three months of last year. (Full Story)
• The Senate voted overwhelmingly to preserve thousands of earmarks in a $410 billion spending bill, brushing aside Sen. McCain's claim that  Obama and Congress are merely conducting business as usual in a time of economic hardship. McCain's attempt to strip out an estimated 8,500 earmarks failed on a vote of 63-32. (Full Story)
• British Prime Minister Gordon Brown will press Obama for details on his plans to fix the ailing U.S. financial sector in talks that will focus on the global economic crisis. The two leaders will also discuss ways to tighten lax financial regulations, a major topic for the summit of the Group of 20 developed and emerging economies that Brown will host in London on April 2. (Full Story)

Day 42: Health Reform Positions Nominated (Mar. 2)

• Obama named Kansas Governor Kathleen Sebelius to lead his ambitious health reform effort. He also named former Clinton administration health official Nancy-Ann DeParle to serve as head of the newly created White House Office for Health Reform, which will help coordinate Obama's health reform agenda with Congress. (Full Story)
• British Prime Minister Gordon Brown hopes to forge an alliance this week with Obama to combat the global financial crisis and reinforce what London calls its special relationship with Washington. Brown will be the first European leader to meet Obama since he was inaugurated. (Full Story)

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