Just 12% of eligible mortgages have been modified under a $75 billion federal program to rework home loans into more affordable monthly payments, according to a Treasury Department report Wednesday.

A total of 360,165 mortgage modifications are in a three-month trial period, and another 571,354 offers for modifications have been made to struggling homeowners, the report says.

The goal of the program, announced in March, is to keep up to 4 million borrowers in their homes, an unprecedented federal effort aimed at stemming the foreclosures that are undermining the housing market.

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