Homeowners who get a substantial cut in their monthly mortgage payments still stand a good chance of falling behind again, a report by two federal regulators says.

Nearly 40 percent of homeowners who received a loan modification that reduced monthly loan payments by 20 percent or more were at least two months late again within a year, the Office of the Comptroller of the Currency and the Office of Thrift Supervision said Monday.

That's an ominous sign for the Obama administration's plan to stem the foreclosure crisis, which was launched in March. Only about 31,000 modifications have been made permanent under that plan.