Trial Modifications News Today

Is there ever any consideration of the human carnage? >> not servicing industry? no, i dont think so. >> reporter: caroline heron helped design and implement the governments loan modification program as a consultant at fannie mae, helping the treasury department run the program. she says there was pressure to get homeowners into trial modifications. why was there such a rush to get people in to these trial modifications? >> because of the program supposed to help up to 4 million people and they ...

Pricing $52,000. 75% discount on this foreclosed property. >> trying to stop the tide of foreclosures, the obama administration is in the process of directing about $50 billion in funds towards mortgage modifications but thus far just 31% of trial modifications have actually become permanent modifications. harvard in theory it would let apple shut down iphone remotely if hackers jail break or unlock the phone and install unauthorized programs. if this thing gets approved, the feature could use v...

Tide of foreclosure the obama administration has put $50 billion in tarp funds for mortgage help for families. about 31% of those trial modifications have been extended. a lot more are in the works and many have failed. this is a real tough problem to solve. jenna: a threat in the horizon to the economy. molly . thank you so much for that report, malhere line is for us in boston today. rick: wild new ooh twists in a art heist mystery. investigators say this vincent van gogh painting, its called ...

There have been only 340,000 permanent. in fact, there have been 430,000 failed trial modifications, meaning failed modifications vastly outnumber successful ones. moreover, treasury still has not established performance goals or benchmarks for the program, meaning that theres no he effective way for us to know whether this $50 billion program is accomplishing intended purposes. thats not accountability. thats not transparency and its just more taxpayers money flying out the window. >> last time...

Thats despite programs launched by the federal government in some states to help troubled homeowners. our diana olick joins me now from washington. diana, why arent these plans helping or working, or have we just not had enough time go by for them to really kick in? >> reporter: you have to look at the big numbers. yes, we did see record foreclosure activity in march. thats made up of notices of defaults and auctions and re repossessi repossessions. when you dig into the numbers, you see the ban...

Helping 1.5 to 2 million people, half of the obama administrations target. hes saying that it set meaningless and unclear goals and believes the program will fall short of its goals and says the implementation was mismanaged because it put people in trial modifications so it can never move forward. now there are a lot of people at risk of redefaulting on the mortgage so they will still lose their homes. through february, 169,000 perm nept modifications have been done. 1.3 million people put in t...

Permanent setup. now theyre saying theres a large number of defaults at risk here because people may still have issues with these and may still end up losing their homes, which is just crazy to hear about. so through february, if you take a look at where we are through february, 170,000 borrowers got permanent modifications. more than 1.3 million, though, were in those trial modifications. and the treasury says that 40% of the homeowners in the program may redefault, and the reason for that is b...

830,000 trial modifications, that means they are in the first three months of a trial mod. 60,000 have been denied. remember the administration wanted to help 4 million people. at the end of the day, the ability to help these folks has really been con strained by what bankers want to do. there are a lot of players at the table besides the consumers themselves. the president as plan is to bring monthly payments down to 31% of pre-tax income. thats proving too hard to do. at the end of the day wer...

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