Obamas Mortgage-Modification Program Gains Momentum after Facing Scrutiny

November 19, 2009 - President Barack Obama's mortgage-modification program, a probable solution to the many foreclosures Americans are facing, has recently quickened pace by enrolling one in five eligible homeowners.

Initially, when President Obama announced his lofty goal of amending 4 million loans over three years, many were anxious to see a quick turnaround. However, since its announcement back in February, the administration's program has been overwhelmed with several grievances, slowing results for numerous people. For some borrowers, there have been challenges in qualifying or submitting the required documentation, while for others it has been the three month time restriction.

In any case, it's fairly uncertain whether or not the administration's plan is well-suited enough to reduce foreclosures by a sizable margin. Given unemployment rates, which hit a high of 10.2% in the month of October, it may make it much more difficult to foresee the effectiveness of these changes. What will ultimately gauge the program's success is whether the government is able to stop the mounting tide of foreclosures while providing more permanent fixes to borrowers.