July 8th, 2009
11:18 AM ET
3 months ago

Obama mortgage plan needs work

 Many borrowers are not getting help under president's modification or refinancing plan.
Many borrowers are not getting help under president's modification or refinancing plan.

NEW YORK (CNNMoney.com) - Mr. President, help us get one of your mortgage workouts now.

That's what many borrowers are saying nearly five months after President Obama unveiled his housing rescue plan. The program is beset with problems, say borrowers, housing counselors and even the president himself.

Loan servicers are overwhelmed by the numbers of homeowners applying for loan modifications or refinancing. Borrowers are frustrated that their paperwork is being lost, and calls are not returned. Administration officials are racing to roll out new features to improve the program.

Even Obama acknowledges that the program is failing to stem the foreclosure tidal wave.

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