smartmoney.comOver the past few years, the federal government's major mortgage relief programs helped just a fraction of the homeowners they initially set out to reach. The so-called Home Affordable Modification Program and the Home Affordable Refinance Program, both introduced in 2009, have so far assisted just 20% of the homeowners government officials projected. Other programs shuttered altogether after not gathering enough borrower or lender participation. In fact, the U.S. government's five major programs, which were projected to assist 13.4 million homeowners, only reached 1.9 million.
How does anyone put any faith in the ability of the Fed to do anything it promises?