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Local News | Rescue from foreclosure? Frustration, anger grow | Seattle Times Newspaper: "The program was intended to keep 3 million homeowners from foreclosure, but it had produced only about 435,000 permanent modifications through July.
Treasury officials say the program's impact can't be measured by a single statistic. Many homeowners who were deemed ineligible for the federal program have been offered private loan modifications by their servicer.
Still, six of every 10 seriously delinquent borrowers are not getting help, according to a new study by the State Foreclosure Prevention Working Group. Struggling homeowners are alienated by the mixed messages and long delays, the group said, and almost three-quarters of modified mortgages leave borrowers owing more, not less."
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