WASHINGTON (AP) -- The Obama administration's flagship effort to help people in danger of losing their homes is falling flat.
More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That's more than the 27 percent who have managed to have their loan payments reduced to help them keep their homes.
Last month alone, 150,000 borrowers left the program -- bringing the total to 436,000 who have exited since it began in March 2009.
Administration officials say borrowers will get help in other ways. But analysts fear the majority will still wind up in foreclosure.
http://finance.yahoo.com/news/Borrowers-exit-troubled-Obama-apf-887634101.html?x=0&sec=topStories&pos=3&asset=&ccode=
The "Idealistic" program failed to take in account the "Reality" of the situation.