Few Qualified Delinquent Borrowers Getting Federal Help
By Renae Merle
Fewer than 10 percent of delinquent borrowers eligible for the Obama administration's $75 billion foreclosure prevention program have received help so far, according to Treasury Department estimates released Tuesday morning, showing that the effort has been carried out unevenly throughout the industry.
Of the 2.7 million borrowers who have missed at least two mortgage payments, only 235,247 have received loan modifications so far. Most of those modifications have been completed by just a few banks, while other lenders have finished relatively few.
"We're encouraged by the way the program is ramping up," said Michael Barr, assistant secretary for financial institutions, said in a conference call this morning. "We're disappointed in the performance of some of the servicers, we think they could have ramped up faster . . . and we expect them to do more."
Posted at 11:06 AM ET on Aug 4, 2009
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