Barack Obama, Loan Modification | featured news

The average homeowner in the Obama administration's signature foreclosure-prevention program owes more on their mortgage than the home is worth, yet the program does virtually nothing to address this problem, according to a scathing new report by a government watchdog.

As foreclosure casualties mount, the Obama administration Monday is expected to announce additional steps to get long-term help for borrowers, CNNMoney reports.

After a slow start, the Obama administration's mortgage relief program has reached one in five eligible homeowners, a government report says.

Half a million troubled homeowners have seen their loan payments lowered under an Obama administration program.

Housing advocates who work with homeowners say that while President Obama’s loan modification program could help thousands of New Yorkers, it has been slow to get off the ground.

The Obama administration today released details of $75 billion home loan modification and refinancing programs. Borrowers can start contacting loan servicers.