Obama's mortgage-rescue plan isn't working, analysts say

10/13/2009 | Reuters

The Obama administration's Home Affordable Modification Program, which supports banks that modify mortgages in order to cut down on foreclosures, is not working, analysts said Tuesday. About 17% of distressed mortgages have been modified so far, and few mortgages have been modified on homes that have lost value. "Every single policy we've seen has merely kicked the problem down the road," said Laurie Goodman of Amherst Securities Group.

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