H&R Block Inc. said it has saved about $20 million from a program in which it modified about a quarter of the mortgages in its thrift's portfolio that were originated by subsidiaries the company has shuttered.

During a conference call Monday to discuss results for the fiscal second quarter, which ended Oct. 31, Richard Breeden, H&R Block's chairman, said the program has been "encouraging, although it is too soon to see what our rate of redefault will be over the next six months."

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