President Barack Obama wants banks to step up their efforts to help struggling borrowers stay in their homes by offering principal reductions, extending short-term modifications, and lengthening existing mods. 

"We want to see if we can get longer-term modifications and in some cases principal reductions, which would be good for the person who owns the home but also be good for the banks over the longer term," the President said Thursday morning on a CBS-TV Town Hall broadcast.

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