updated 3:11 p.m. ET, Wed., Sept . 9, 2009WASHINGTON – 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.
This, combined with the end of the first-time home buyers refund and the fact that commercial default rates are rising (http://www.theepochtimes.com/n2/content/view/19987/)- might be a while before we are out of the slump




