Hello neighbors,

It seems as if there may be conflicting views on whether or not Obama's mortgage relief program is actually working.  According to an article in the AJC, the president's program is actually a risk for the recovering housing market.

Obama's plan was established to help borrowers in financial trouble by making payments more manageable. Modifications that were put in place to obtain these more affordable monthly payments included a lower interest rate and a lower repayment period. These modifications cut the average home owner's  payment by $500.

Under Obama's plan, home owners would have to make three payments and complete required paper work which includes proof of income and a letter explaining their financial hardship. After successful completion of these tasks, the lower monthly payments would then become permanent.

However, only 7% of borrowers who signed up have completed the program since December, while over 5% have completely exited the program due to missing payments or being found ineligible, and many are still waiting to here an answer according to the AJC.