Over Half Still Leaving Fed Foreclosure Program

Washington, DC, Nov. 19, 2010 -- More than half of the 1.4 million homeowners who enrolled in the federal flagship foreclosure-prevention program have fallen out.

Approximately 755,000 borrowers, or 54% of those who tried to get their payments lowered through the program, have been cut loose through October. That compared to a 53% disqualification rate through September.

More than 36,300 homeowners, or 34.6% who had enrolled in the program, had received permanent loan modifications and were making their reduced mortgage payments on time. That was up slightly from around 34% in the previous report.