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IPFS News Link • Obama Administration

Obama Foreclosure-Prevention Plan Lagging: 67 Percent Failure Rate

Only about a third of the homeowners who have successfully completed the trial period of the Obama administration's mortgage modification program have been offered permanent relief, according to new federal data obtained by the Huffington Post. The conversion rate -- about 33 percent -- is woefully short of what the Treasury Department had forecast. ... The new data was contained in a series of answers by Treasury Secretary Timothy Geithner to questions posed by Neiman and his colleagues on COP, including Harvard Law professor and bailout watchdog Elizabeth Warren.