Loan Modifications still not being done

It's been more than one year since President Obama announced the establishment of the Making Home Affordable initiative that included the Home Affordable Modification Program. He said the plan "will help between 7 and 9 million families restructure or refinance their mortgages so they can . . . avoid foreclosure." He also said "as many as 3 to 4 million homeowners [will be able] to modify the terms of their mortgages to avoid foreclosure." So far the actual number of homeowners who have received final, 5-year loan modifications through the program administered by the U.S. Treasury Department stands at 168,708. "Treasury's response continues to lag well behind the pace of the crisis," the Congressional Oversight Panel stated in its April report, "Evaluating Progress of TARP Foreclosure Mitigation Programs