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IPFS News Link • Cost of Empire

Obama mortgage rescue: Only 9% getting help

First report by Obama administration details slow, uneven performance by firms implementing $75 billion mortgage modification program. Just 9% of delinquent borrowers are 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.