A key administration official on Tuesday expressed disappointment at the results of a program to help troubled homeowners modify their mortgages to more affordable terms, and said the government needs to work harder to get hundreds of thousands of homeowners back on stable ground.

Lenders have converted “thousands” of homeowners participating in an Obama administration mortgage assistance program from trial three-month plans into more permanent modifications, Treasury Assistant Secretary for Financial Stability Herbert Allison told members of the House Financial Services Committee.

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