The Real Deal Miami

Federal mortgage aid sees limited success

October 26, 2010 03:45PM

The number of successful mortgage modifications among defaulting borrowers under the federal government’s foreclosure avoidance program has dropped to its lowest monthly level since the initiative was rolled out last fall. Just 28,000 borrowers received modifications under the Making Home Affordable Program in September, the Treasury Department reported. Roughly 4.4 million households nationwide are reported to be in severe default. [NYT]