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So who is this "Mod" helping???
Whose house is being saved by Obama? By Les Christie, staff writerFebruary 1, 2011: 2:07 PM ET
 
NEW YORK (CNNMoney) -- More than half a million Americans have received permanent mortgage modifications from the Obama administration's flagship foreclosure prevention program, the Home Affordable Modification Program.
So who are these homeowners?
To begin with, the reason they are falling behind on their mortgages isn't because their loans are unaffordable, according to a report released Monday by the Treasury Department.
Instead, defaults are stemming from the weak economy and unemployment: In December, 60% of the borrowers who received permanent HAMP mods were facing a loss of income. Just 11% were the result of unaffordable mortgages.
L.A. and New York City have the largest concentrations of these beneficiaries, and their ethnicity roughly reflects the nation as a whole: 33% of borrowers who received permanent modifications were white, while 12% were African American, 18% are Hispanic and 3% are Asian. (The numbers don't add up to 100% because many people did not report ethnicity.)
Median household income for them was just $46,000, well short of affluent. Their credit scores averaged about 570 at the time of modification, which would, under today's lending conditions, prevent ... more

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