A recent report shows that the $75 billion "Making Home Affordable" program is not moving quickly enough, and only 9% of eligible loans are recieving help.
From Tami Luhby, CNN Money:
NEW YORK (CNNMoney.com) -- 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 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.
