Eye On Freedom – Keeping a watchful eye on the preservation of our liberty at home and freedom around the world

The number of homeowners who secured cheaper mortgages through the government’s modification program only to default again nearly doubled in March, continuing a worrisome trend that threatens to undermine the entire program.

Treasury Department data released Wednesday showed that 2,879 loans that were permanently modified have defaulted since the program’s inception, up from 1,499 in February and 1,005 in January.

The modification program, which the Obama administration says will help as many as three or four million households avoid foreclosure, is too new to have much of a track record. But the evidence is beginning to suggest that for some borrowers, having a loan modified is not the end of their struggle against foreclosure.

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