Posted on 08/04/2009 9:26:01 AM PDT by Kartographer
The Obama administration's first progress report on its foreclosure prevention plan confirms it is off to a slow start.
Just 9% of delinquent borrowers in trial modifications so far, the Treasury Department said Tuesday. That translates into 235,247 loans that were at least two months delinquent.
Under fire for the program's rocky start, the Obama administration says it is on pace to help up to four million homeowners over the next three years. The initiative was announced in February and the first institutions to join began accepting applications in April.
(Excerpt) Read more at money.cnn.com ...
The important number is of course 0%. That’s the percentage of people who pay their mortgage on time who are getting even one iota of help.
“Only 9%”
I call that a bass ackwards way of looking at this. 9% is way too many.
THE NEXT THREE YEARS???? You know any mortgage companies that will wait THREE YEARS?
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