>WASHINGTON | Thu May 26, 2011 5:25pm EDT
WASHINGTON (Reuters) – Struggling homeowners seeking help from the Obama administration’s foreclosure prevention program have in many cases had negative experiences, a congressional report said on Thursday.
Three-fourths of the some 400 housing counselors involved in the process characterized borrowers’ overall experience with the housing program as “negative” or “very negative,” according to the Government Accountability Office (GAO) study.
According to the study, 40 percent of approximately 300 counselors said they had experienced difficulties working with the mortgage servicers and said paperwork had been lost or needed to be resubmitted.
The Treasury Department defended its actions, noting that the survey was conducted in October 2010 before improvements were made.
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