“The Obama administration’s struggle to stem the U.S. foreclosure crisis illustrates how high household debt can slow recovery from a deep recession, according to the International Monetary Fund.
The global lending organization cited the failure of the administration’s signature foreclosure-prevention program in a report it released on household debt.
Fewer than 1 million mortgages have been modified under the Home Affordable Modification Program, or HAMP, the IMF noted. That’s far short of the administration’s initial goal of helping 3 million to 4 million struggling homeowners…”
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