More than half have been cut loose from Obama mortgage-aid program

[Bluebear]

WASHINGTON (AP) -- More than half of the 1.4 million homeowners who enrolled in the Obama administration's flagship foreclosure-prevention program have fallen out.

The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. But the latest report from the Treasury Department shows that the effort is still plagued by high failure rates.

Approximately 755,000 borrowers, or 54 percent of those who tried to get their payments lowered through the program, have been cut loose through October. That compared to a 53 percent disqualification rate through September...

Low participation means that the program is likely to cost far less than originally forecast. Though Treasury has set aside $50 billion from the federal bailout fund for the housing relief effort, only about $483 million has been spent, auditors said in a report to Congress last month.

http://hosted.ap.org/dynamic/stories/U/US_MORTGAGE_AID?SITE=NVLAS&SECTION=HOME&TEMPLATE=DEFAULT

[xchrom]

1. It's really scary out there for home owners. Nt

[Still a Democrat]

2. And what percentage would have held their homes with no aid?

When you look at the financial state and risk level of this group, a 46% success rate is quite respectable. Certainly better than zero.

[Bluebear]

3. "Certainly better than zero" - - wow, you set the bar so high. nt

[Still a Democrat]

4. My point is this % is respectable for this group

It did some good. Given the situation, no intervention would have resulted in virtually all failing.

What rate of success did you expect or require to consider this program a positive thing?