The Black Informant | African American Commentary, News and Community Building

(huffingtonpost.com) On Monday, the Huffington Post’s Shahien Nasiripour reported on the failure of President Obama’s $75 billion foreclosure program, citing JPMorgan Chase’s prediction that only 15 out of 100 homeowner applicants have or will likely receive a permanent loan modification.

So far, the actual numbers are worse — much worse.

According to a new Treasury Department report, fewer than 5% of borrowers participating in the Home Affordable Modification Program have received permanent loan modifications. (more…)