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Old 04-14-2010, 09:52 AM
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10 foreclosures for every home saved

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The Obama administration's mortgage-modification program is not keeping pace with the deluge of foreclosures hitting the market, a government watchdog found.

Only 168,708 homeowners have received long-term mortgage modifications under the president's plan, as of February, a small fraction of the 6 million borrowers who are more than 60 days behind on their loans, according to the Congressional Oversight Panel's latest report, released Wednesday.

The president's foreclosure-prevention plan will likely assist only 1 million troubled borrowers, short of the administration's original goal of up to 4 million homeowners. The program is funded with $50 billion in Troubled Assets Relief, or TARP, funds, putting it under the panel's purview.

"For every borrower who avoided foreclosure through HAMP last year, another 10 families lost their homes," the panel said of the administration's Home Affordable Modification Program. "It now seems clear that Treasury's programs, even when they are fully operational, will not reach the overwhelming majority of homeowners in trouble."
http://money.cnn.com/2010/04/14/real...port/index.htm
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