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Report shows only a few getting help from $75 billion foreclosure help plan

Staff Report • Nov 19, 2009 at 12:00 AM

CNN is reporting that concerns over the effectiveness of President Obama's $75 billion foreclosure prevention plan because so few troubled homeowners who have gotten help. Fewer than 5 percent of the trial modifications on loans owned or guaranteed by Freddie Mac were converted to long-term adjustments as of Sept. 30, according to the mortgage finance giant.After three months, 1.26 percent of all trial adjustments were made permanent according to the Congressional Oversight Panel, which monitors the government's use of bailout funds.The Treasury Department is set to release within coming weeks the first comprehensive look at the number of permanent modifications issued so far. Read the full report at the CNN Web site.

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