Nine months ago, the Obama administration offered banks $75 billion in taxpayer money to rework troubled mortgages.

Yet so far, $75 billion hasn’t been enough to compel many lenders to permanently reduce monthly mortgage payments for millions of cash-strapped homeowners. Indeed, tens of thousand of borrowers who have asked for relief have instead seen their payments and loan balances increase under the Obama plan. A surprisingly high percentage are sliding back into default.

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