Economy

January 3, 2010

Mortgage foreclosures still swamping federal efforts to help

Banks and other lenders are still foreclosing on Americans' homes at a rate that's outpacing the Obama administration's main effort to stem the crisis. The Treasury Department's Home Affordable Modification Program has started the mortgage modification process for almost 760,000 homeowners, less than 5 percent of those workouts have become permanent. One member of the Congressional Oversight Panel that monitors the program called it "a failure."

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