chanel
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More than 40 percent of the 1.3 million homeowners enrolled in the Obama administration's mortgage relief effort have fallen out of the program, the Treasury Department said Tuesday.
"The program really hasn't helped a lot of people, or at least not nearly as many had been hoped for," said Mark Zandi, chief economist at Moody's Analytics. He predicts that about 2 million homes are likely to be sold over the next 12 to 18 months as foreclosures or short sales.
Many borrowers have complained that banks often lose their documents and then claim borrowers did not send back the necessary paperwork.
The banking industry said borrowers weren't sending back the necessary paperwork. They also have accused the Obama administration of initially pressuring them to sign up borrowers without insisting first on proof of their income. When banks later moved to collect the information, many troubled homeowners were disqualified or dropped out.
Relief effort fails many at risk of foreclosure - Yahoo! News
Another clunker. Surprise, surprise...