News Detail

Feb 17, 2010 3:14 PM

Gov't mortgage plan aids 12 percent of borrowers


The government's mortgage relief plan has helped about 12 percent of borrowers who signed up since President Barack Obama announced the program a year ago.

The Treasury Department says that as of last month, about 116,000 homeowners had completed the application process and had their loan payments reduced permanently. That compares with more than 1 million homeowners who started the process.

More than 61,000 homeowners have dropped out so far, either because they failed to make payments or didn't return the necessary paperwork.

Treasury officials say they are working with the mortgage industry to speed up the approval process.


»Topics in this article


Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at, and include the name of the story and information on the comment.

Thank you!

Most Popular

Top Videos

1 2 3 4