The Real Deal Miami

Obama mortgage program sees little success

February 17, 2010 05:57PM

The mortgage relief program the Obama administration unveiled a year ago has helped just 12 percent of participants, according to USA Today. The Treasury Department has pledged to help accelerate the approval rate, in the hope that it may result in an improved response rate. Of the one million homeowners who began the application to participate in the program, just 116,000 finished their application and saw a permanent reduction in their mortgage payments.