Obama administration to push lenders for progress on assistance to homeowners – washingtonpost.com
The Obama administration plans to announce on Monday efforts to step up pressure on lenders participating in its massive foreclosure prevention program in a push for transparency that should provide new details about the industry’s performance. The $75 billion federal program, known as Making Home Affordable, got off to a slow and frustrating start, but the administration has recently noted that more than 650,000 borrowers had signed up for it. Now the program, which lowers mortgage payments to 31 percent of a person’s income, is facing questions about how many of the enrolled borrowers are actually qualified to receive its assistance. A recent report by the Congressional Oversight Panel, which is monitoring the government’s Troubled Assets Relief Program, found that fewer than 1 percent of borrowers in the program had moved from an initial trial modification into a permanent one.