Reevaluating mortgage modifications

As some federal housing subsidies begin to wind down, criticism has been directed toward President Obama’s mortgage modification program which opponents say takes too long to help troubled homeowners. Elizabeth Warren, chair of the Congressional Oversight Panel for the Troubled Asset Relief Program, commented on the Obama plan to Bloomberg’s Betty Liu. Despite the efforts by the Obama administration, 2.8 million homeowners got foreclosure notices in 2009, according to the congressional panel, and one in four homeowners with a mortgage is currently underwater.