Summary Box: Few helped by foreclosure program

AP News
|
Posted: Oct 25, 2010 6:22 PM
Summary Box: Few helped by foreclosure program

OVERSTATING GAINS: Inspector General Neil Barofsky said Treasury officials claim the government's main foreclosure prevention program has helped more than 1.3 million homeowners. But he says fewer than half received permanent changes to their mortgages.

REJECTED: About 729,000 homeowners who were initially accepted into the program to have their mortgage payments lowered have been disqualified through September.

PERMANENT MODS: Roughly 467,000 borrowers, or 34 percent of those enrolled in the program, have received permanent loan modifications and are making their payments on time.