WASHINGTON (AP) -- The Obama administration's struggling foreclosure-prevention effort failed to show improvement as of last month. More than half the homeowners who have enrolled in the program so far have fallen out.
The Treasury Department says about 729,000 homeowners who applied to have their mortgage payments lowered have been disqualified through September. That's about 53 percent of the nearly 1.4 million who enrolled in the program over the past year. And it's up from about 680,000 a month earlier.
The program has failed to slow the tide of foreclosures, which have battered the housing market. About 467,000 borrowers, or 34 percent of those enrolled in the program, have received permanent loan modifications and are making their payments on time.
http://finance.yahoo.com/news/Obama-foreclosurerelief-plan-apf-2088959211.html?x=0
