Nearly 50 percent leave Obama mortgage-aid program - BostonHerald.com: "A new report issued Friday by the Treasury Department said that approximately 630,000 people who had tried to get their monthly mortgage payments lowered through the effort have been cut loose through July. That’s about 48 percent of the 1.3 million homeowners who had enrolled since March 2009. That is up from more than 40 percent through June.
The report suggests foreclosures could rise in the second half of the year and weaken the ailing housing market, analysts say."
Borrowers say the program is "a bureaucratic nightmare." Banks lose their paperwork and then claim the borrowers never turned it in.