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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."

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By Web Politics Editor  |  August 4, 2009; 11:06 AM ET
Categories:  Economy  
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Comments

jcluma:

Who is being "snide"? We are just asking WHERE (or "if") we will draw the line. People want new computers, washers, and dryers too.

Posted by: JakeD | August 5, 2009 12:16 PM | Report abuse

It's easy to be snide about the efforts to rebuild our economy with incentives. But the goals are clear: Keep Americans on track, so house and car payments continue, and provide support for jobs so that income and spending -- and not personal and corporate bankruptcy -- continue.

Attack fed spending all you want, but the world's best economists all agree it's the only way to return to a healthy economy.

Posted by: jcluma | August 4, 2009 1:56 PM | Report abuse

I don't think the administration should play favorites and single out industries (auto, mortgages) for subsidies. That runs counter to liberal ideology that all things be kept "fair".

Obviously the only 'fair' way to re-grow our economy is to have the government subsidize purchases for ALL goods and services. I would like a new computer, so I look forward to the Democrats coming out with a "Greater Gigs!" program to provide everyone $500 to buy a new pc.

Posted by: dbw1 | August 4, 2009 1:41 PM | Report abuse

After "free" mortgages, automobiles, and healthcare, will there be a "free" washer & dryer for every registered Democrat?

Posted by: JakeD | August 4, 2009 12:18 PM | Report abuse

The comments to this entry are closed.

 
 
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