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500,000 homeowners receive modifications
500,000 homeowners receive modifications
Delinquencies are still on the rise.
President Obama's foreclosure rescue program has helped 500,000 troubled homeowners by putting them into trial modifications with lower monthly payments.

The administration, however, continues to pressure loan servicers to do more as homeowners complain the process is still slow and frustrating.

Consumer advocates have said that the president's initiative has prompted servicers to help more people than ever before. But, there is still a long way to go.

The administration's efforts are only "chipping away" at the problem, said Barry Zigas, director of housing policy for the Consumer Federation of America.

What remains to be seen is how many of the half-million people in trial modifications will receive permanent help. The Treasury Department recently lengthened the trials to five months, from three months, to give banks more time to collect and process homeowners' income verification documents.

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Last updated October 24 2009: 8:56 AM ET
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