A top Treasury Department official indicated Thursday that the Obama administration's signature foreclosure-prevention initiative may not deliver on its promise to help three to four million troubled homeowners permanently reduce their monthly payments.
Under questioning by a Congressional panel, Phyllis Caldwell, chief of Treasury's Homeownership Preservation Office, would not repeat previous assurances about the Home Affordable Modification Program.
Through January, only about 116,000 homeowners have received permanent modifications, resulting in average monthly savings of more than $500. The program was launched last year. Wall Street analysts, mortgage experts and homeowner advocates have criticized the program for its slow progress. Treasury and White House officials have, in the past, repeatedly stressed that the plan would eventually meet its goal of helping three to four million borrowers by 2012.
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