Has Obama's Housing Rescue Plan Helped?

[flip_it_fast]

From what I just read, about 12% of troubled borrowers have been helped by the Obama administration's housing rescue plan. Well, at least after the government put a fire under the loan servicers butts! And they still expect them to do more in the coming months to help borrowers.

Loan servicers have put about 12% of elgible troubled borrowers on a trial loan modification plan. The plan started out rocky but is now being implemented more smoothly. Officials say that 500,000 loan modifications should be in place by November 1st.

"Our progress in implementing these programs to date has been substantial, but we recognize that much more has to be done to help homeowners," said Michael Barr, an assistant Treasury secretary, in prepared testimony before a House Financial Services Committee panel Wednesday.

CnnMoney

$75 billion dollars had been made available for these modifications in February. The first people to receive a modified loan began in April.

[Eyeofngt]

I sure hope it helps!! I know so many people that are about to lose thier homes, this maybe just what they need. I am going to make sure they know about this.