The government’s “Home Affordable Modification Program”  needed $75 billion of taxpayer money to alter home loans so that these loans could be more affordable for creditworthy homeowners who could not make their earlier mortgage payments. The program has been a failure for several reasons.

The first is that lenders have only modified 760,000 loans. A mere 31,000 of these modified mortgages have passed through the approval process and were designated as permanently modified. Most of the people accepted into this mortgage modification program may never make it out of the trial stage. That means that the scope of the “Home Affordable Modification Program” will never come close to reaching its goals.

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