Via: CNN.Com
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.
