This is depressing, but not unsurprising to many of us:
NEW YORK (CNNMoney.com) -- Only a tiny percentage of troubled homeowners have received permanent modifications under President Obama's foreclosure prevention plan, raising concerns about the effectiveness of the $75 billion effort. Fewer than 5% of the trial modifications on loans owned or guaranteed by Freddie Mac were converted to long-term adjustments as of Sept. 30, according to the mortgage finance giant.
Looking more broadly, the figures are even lower. As of Sept. 1, only 1.26% of all trial adjustments were made permanent after three months, reported the Congressional Oversight Panel, which monitors the government's use of bailout funds.
More: http://money.cnn.com/2009/11/19/news/econo...e_fix/index.htm