Treasury sees millions of more foreclosures

[MellowOne]

http://finance.yahoo.com/news/Treasury-says-millions-more-rb-1620457917.html?x=0&sec=topStories&pos=1&asset=&ccode=

WASHINGTON (Reuters) - Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration's housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said on Wednesday.

A Treasury report showed 360,165 people had their monthly payments reduced through August, up from 235,247 through July, but a senior Treasury official conceded much more must be done to soften the impact of a severe and prolonged housing crisis.

"The recent crisis in the housing sector has devastated families and communities across the country and is at the center of our financial crisis and economic downturn," Michael Barr, assistant Treasury secretary for financial institutions, told a House Financial Services subcommittee.

Treasury has begun releasing monthly reports on the loan modification program, called the Home Affordable Modification Program, or HAMP, that it launched in February. At the time, it was suggested that millions of Americans might be able to get some relief through negotiations with their mortgage lenders.

[Craftsman]

1. No crap

[madrchsod]

2. it is cheaper for the bank to keep the people in their homes

but most banks do`t own the mortgages...they are just bill collectors.

[enid602]

3. converse

Conversely, you could say that so many homeowners doubt that a housing recovery will take place that they opt not to take advantage of these loan modifications.