Foreclosure prevention program losing its punch

By doris | Published: August 21, 2010

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — The president’s signature foreclosure rescue plan is losing its punch, according to a federal report released Friday.

Only 36,695 troubled homeowners received long-term mortgage modifications in July under the Obama administration’s Home Affordable Modification Program, known as HAMP. This brings the total to 434,717 borrowers who have successfully made it out of the trial phase.

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A month ago, 51,205 delinquent borrowers were given long-term assistance.

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