Financial Watch

The Obama administration plans to implement new measures to slow the pace of home foreclosures, even as concern grows about the effectiveness of the federal government’s expensive intervention program.

White House on Friday will announce changes to its Home Affordable Modification Program (HAMP) that will include financial aid for unemployed homeowners, a new emphasis on writing down the principal of troubled loans, incentives for the holders of second mortgages and greater opportunity to refinance under the Federal Housing Administration.