Treasury official: Report shows homeowners need quicker help

“Less than 1% of the homeowners eligible for foreclosure help under President Barack Obama’s Making Home Affordable plan have received permanent loan modifications from their lenders, raising doubts about the program’s results to date and putting more pressure on the administration to get tough with mortgage companies who promised to help struggling borrowers,” reports the Detroit Free Press.

“Michigan, meanwhile, continues to be a leader in terms of the number of modifications made under the president’s Making Home Affordable plan, with nearly 25,000 so far. But in its report today, the Treasury Department did not reveal how many of those are only trial modifications instead of permanent ones or what percentage of eligible homes in the state that number represents.”

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