Government Mortgage-Aid Program Struggling
Nearly two-thirds of the people involved in the federal government’s mortgage-relief program have been unable to complete it.
Only 32 percent of those who started the program have received loan modifications and are making their payments on time. The remainder have dropped out.
“The government program as currently structured is petering out. It is taking in fewer home owners, more are dropping out, and fewer people are ending up in permanent modifications,” says Mark Zandi, chief economist at Moody’s Analytics.
Zandi predicts another 1.5 million foreclosures and short sales in 2011.
Source: Associated Press, Martin Crutsinger (08/20/2010)
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