Friday, November 13, 2009

Keeping Home Affordable Only Works for a Select Few

Nine months ago, the Obama administration offered banks $75 billion in taxpayer money to rework troubled mortgages.

So far 650,994 homeowners nationwide have received temporary, trial modifications under the administration's foreclosure-prevention plan.

However the Congressional Oversight Panel reports less than 2,000 borrowers had successfully completed their trial period and received permanent loan modifications as of Sept. 1.

Now I'm no statistician, but those are some dismal results.

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