Gov't mortgage plan only helped 7% of borrowers
WASHINGTON — The Obama administration's mortgage relief plan provided help to only 7 percent of borrowers who signed up last year, another black mark for the struggling program.
The plan was announced with great fanfare 11 months ago, but has done little to stem the foreclosure crisis or its drag on home prices. A record 2.8 million households were threatened with foreclosure last year, up more than 20 percent from a year earlier, RealtyTrac reported this week. Home prices, meanwhile, are down 30 percent nationally from the peak in mid-2006
As of last month, only about 66,500 homeowners of the 900,000 enrolled had received permanent relief last year, the Treasury Department said Friday. Another 46,000 were approved and should be completed soon.
Under the program, homeowners in financial difficulties can see their mortgages modified to make them more affordable.
