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President Obama’s mortgage program appears to officially be a bust.

Over 1 million borrowers who previously signed up for the $75 billion mortgage modification program have gotten out of the program.  That number far and away exceeds the number of people who have managed to have their loan payments lowered in order to help them stay in their homes.

In May alone, over 150,000 people exited the troubled program.

About 340,000 homeowners have received permanent loan modifications and are making payments on time.

Read more on the program’s massive failure here.

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