My Daily Flyer Blog

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The Obama Administration released monthly data for the Making Home Affordable (MHA) loan modification program. Although more than 728,000 loanholders are seeking modifcation under this program, only 31,382 have been permanenetly modified.

Elizabeth Warren, who heads the panel oversees the TARP bailout program, has said the MHA program is “not working” and should be replaced with a more viable program. Nearly 1 in 6 homeowners with a mortgage are either late on their payments or in foreclosure, and that number is expected to rise as unemployment remains high and borrowers fall out of loan modification programs.