Obama mortgage rescue: Only a few get lasting help

[researchnerd]

This is depressing, but not unsurprising to many of us:

 

NEW YORK (CNNMoney.com) -- Only a tiny percentage of troubled homeowners have received permanent modifications under President Obama's foreclosure prevention plan, raising concerns about the effectiveness of the $75 billion effort. Fewer than 5% of the trial modifications on loans owned or guaranteed by Freddie Mac were converted to long-term adjustments as of Sept. 30, according to the mortgage finance giant.

 

Looking more broadly, the figures are even lower. As of Sept. 1, only 1.26% of all trial adjustments were made permanent after three months, reported the Congressional Oversight Panel, which monitors the government's use of bailout funds.

 

More: http://money.cnn.com/2009/11/19/news/econo...e_fix/index.htm

[Mayor]

I could have told you that myself. Most modifications I see are denied, few are approved.