Obama Housing Aid Programs Miss GoalsSubmitted by bobbyw24 on Tue, 07/05/2011 - 07:25
More struggling U.S. homeowners sought help with loan modifications in May, the Treasury Department said Friday, although the main program introduced by the Obama administration to aid borrowers at risk of foreclosure remains below its initial expectations.
The Home Affordable Modification Program was created in the spring of 2009 as the centerpiece program to boost the weak housing sector. It aims to reach out to borrowers by making loan work-outs, extending the life of their loans.
The number of borrowers who have received permanent loan modifications since HAMP's inception rose to 731,451 in May, compared with the administration's goal of reaching 3 million to 4 million homeowners when the program was introduced.