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Daily Real Estate News  |  November 10, 2009  |   Federal Loan Mod Effort Reaches 20 Percent
The federal loan modification plan, “Making Home Affordable,” has reached about 20 percent of troubled homeowners in the hard-hit states of California, Arizona, and Nevada.

Only about 12 percent of homeowners facing foreclosure in Florida were reached, probably because of the high numbers of investors, analysts said.

Economists conclude that it is unlikely that the Obama administration will be able to reach its goal of helping 3 million to 4 million borrowers in three years with this plan.

Federal officials say they are doing their best and blame loan servicers for dragging their feet. "We are reaching all the places that really got decimated," said Michael Barr, an assistant Treasury secretary.

Source: The Associated Press, Alan Zibel (10/10/2009)

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