IMF REPORT: The International Monetary Fund said in a report Tuesday that the U.S. government's response to the mortgage foreclosure crisis has been inadequate.

GOALS UNMET: The IMF said that fewer than 1 million mortgages had been modified under the Home Affordable Modification Program, or HAMP. That is far short of the Obama administration's initial goal of helping 3 million to 4 million struggling homeowners.

POOR DESIGN: The IMF said that the HAMP effort has been constrained by limited incentives for lenders to participate and tight eligibility requirements for borrowers. The IMF noted that the administration in February made improvements in the program.