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Regional & National

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

November 19th, 2009 12:00 am by Staff Report

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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