Tags: US | Mortgage | Aid

More Borrowers Exit Obama Mortgage Help Plan

Monday, 21 Jun 2010 02:12 PM

 

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A growing number of homeowners who sought help from the Obama administration's main mortgage aid program are in danger of losing their homes.

The Treasury Department says about 436,000 borrowers have dropped out of the $75 billion plan as of last month. That's about 35 percent of the 1.24 million who enrolled since March 2009.

The result could be a new wave of foreclosures that could weaken the housing market and hold back the broader economic recovery.

Most of those homeowners were rejected during a trial period lasting at least three months. About 6,357 dropped out after having their loans modified. Another 340,000 homeowners, or 27 percent of those who started the program, have received permanent loan modifications and are making payments on time.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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