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Obama Anti-Foreclosure Efforts Still Falling Short

WSJ - May 6, 2011, 3:57 PM ET

The Obama administration’s efforts to tackle the foreclosure crisis have long been troubled, and data released Friday show that, despite some modest successes, they are still failing to meet expectations.

The administration’s signature initiative, known as the Home Affordable Modification Program, has helped about 587,000 U.S. homeowners complete loan modifications despite an initial goal of reaching three to four million homeowners.

Only about 21,000 homeowners have received modifications for second mortgages...

Only about 5,400 homeowners have completed the short-sale program, which also was launched a year ago and pays homeowners up to $3,000 if they complete a short sale or agree to hand back the keys to their homes.

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