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Congressional Panel Faults Slow Progress of Mortgage Modification Program

The Obama administration's program to help people avoid foreclosures is on track to only help between 700,000 and 800,000 homeowners and not the 3 million to 4 million that officials targeted, a Congressional panel concluded in a report released today.

By Claude R. Marx | Updated on December 13, 2010

The Obama administration’s program to help people avoid foreclosures is on track to only help between 700,0000 and 800,000 homeowners and not the 3 million to 4 million that officials targeted, a Congressional panel concluded in a report released today.

The report by the Congressional Oversight Panel concluded that the Home Affordable Modification Program made economic sense but was hampered by the complexity of mortgages.

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