U.S. Mortgage Relief Effort Is Falling Short of Its Goal

U.S. Mortgage Relief Effort Is Falling Short of Its Goal

Postby admin » Fri Aug 20, 2010 9:57 pm

U.S. Mortgage Relief Effort Is Falling Short of Its Goal

The Obama administration’s mortgage relief program, originally intended to shield three million households from foreclosure, now looks as if it will permanently help only about one-sixth of that number.

While millions say they need help avoiding foreclosure and many struggling households applied, data released Friday showed the dropout rate from the Making Home Affordable Program was very high: 96,000 trial modifications were canceled by lenders in July. The number of canceled trials now exceeds 616,000....

http://www.nytimes.com/2010/08/21/business/economy/21housing.html
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