Federal home loan modification plan 0-for-651,000 so far

(Bloomberg) — The U.S. Treasury Department plans to intensify public pressure on lenders to finish modifying more home loans to troubled borrowers under a $75 billion campaign against the record tide of foreclosures.

Almost 651,000 loan revisions had been started through the Obama administration’s Home Affordable Modification Program as of last month, from about 487,080 as of September, according to the Treasury. None of the trial modifications through October had been converted to permanent repayment plans, the Treasury data showed.

via U.S. Treasury to Push Lenders to Finish More Home Modifications – Bloomberg.com.

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