Flaws In Obama Mortgage Plan, High Debt Slow Recovery: IMF

Law360, New York (April 10, 2012, 6:27 PM ET) -- The Obama administration’s efforts to spark a turnaround in the housing market have been hampered by flaws in its signature loan restructuring program and rising household debt magnifying the recession, according to an International Monetary Fund report released Tuesday.

The administration’s Home Affordable Modification Program, announced in February 2009, has helped modify only around 950,000 mortgages, roughly 2 percent of all mortgages and well below its goal to reach up to 4 million homeowners, according to the IMF’s report on household debt published in the April...
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