By Stephanie Armour, USA TODAY
Foreclosures are continuing to set records despite the Obama administration’s $75 billion plan to help borrowers at risk of losing their homes.
There were 1.9 million foreclosure filings in the first six months of this year, a 15% increase from the first six months of 2008, according to a report today from RealtyTrac. One in 84 homes received a foreclosure filing in the first half of the year.
CHART: January-June foreclosures from all 50 states
The administration is taking steps to improve the effectiveness of its mortgage modification program, but millions of Americans still face foreclosure even if it is a “total success,” a senior Treasury official said Thursday.
Herbert Allison, Treasury assistant secretary for financial stability, told the Senate Banking Committee that 325,000 trial modifications have been offered to borrowers under the Home Affordable Modification Program since its launch around five months ago.
But he said the program had limits.
“This plan will not save every home,” Allison added. “Even if HAMP is a total success, we should expect millions of foreclosures, as President Obama noted when he launched the program in February.”
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