Obama's mortgage relief: 10% effective

According to a Congressional Oversight Panel's latest report released today, only 168,708 homeowners have received long-term mortgage modifications as of February - a small fraction of the 6 million borrowers who are more than 60 days behind on their loans. One in ten, in fact. The president's foreclosure-prevention plan will likely assist only 1 million troubled borrowers, short of the administration's original goal of up to 4 million homeowners. The program is funded with $50 billion in Troubled Assets Relief, or TARP, funds, putting it under the panel's purview. "For every borrower who avoided foreclosure through HAMP last year, another 10 families lost their homes," the panel said of the administration's Home Affordable Modification Program. "It now seems clear that Treasury's programs, even when they are fully operational, will not reach the overwhelming majority of homeowners in trouble."

The panel's report is the latest to slam the president's foreclosure-prevention efforts. Last month two other government watchdogs released blistering reports that slammed the administration for poor implementation of the program and raised doubts that 4 million troubled borrowers could stay in their homes. The panel lays out several concerns, including the long-term sustainability of the modified mortgages and the ultimate cost and goals of the program. The panel is also concerned that the half-dozen foreclosure-prevention programs launched by Treasury over the past year has resulted in confusion and delays.