WASHINGTON (AP) — More than half of the 1.4 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.
The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. But the latest report from the Treasury Department shows that the effort is still plagued by high failure rates.
The report said that 54 percent of those who had tried to get their monthly mortgage payments lowered have been cut loose from the program through October. That compared to a 53 percent disqualification rate through September.
