Homeowners more than 880,000 has been able to change their mortgage payment under the two large seizure prevention programs managing the Treasury Department with funds from the Troubled Asset Relief Program. Department of housing and urban development administers similar programs for the Federal Housing Administration and a Government-backed Fannie Mae and Freddie Mac manage programs for their own loan or guarantee.
Only 5.4% of the funds allocated to the Ministry of finance program has spent, according to a report by the Inspector-General of the Congress of the Troubled Asset Relief Program in September.
Only $ 1.7 billion 29.9 billion allocated to the Ministry of finance to make home affordable program and hardest hit funds have been spent. An additional $ 8.2 billion set aside for homeowners currently in a three-year trial modifications, financial representative.
Banks have kept their jobs and appointing a large number of loan modifications made outside of the federal program.
Wells Fargo said in a statement believed that “program has helped. While the number of borrowers that helped the Government’s initial projection is not met, the program has facilitated the ability of industry to provide solutions that are more efficient than ever before. “