A report released on Tuesday by the Congressional Oversight Panel revealed that the Obama administration’s loan modification program will only assist 700,000 out of nearly 4 million struggling homeowners it had intended to assist. Ted Kaufman, chairman of the Oversight Panel said, “It’s not what we were all hoping for, but it is something.”

The Obama administration’s Home Affordable Modification Program (HAMP) was launched in 2009 with a commitment of $75 billion to help homeowners who could not afford their hefty mortgage payments. However, now it seems that the Obama administration may allocate only $4 million dollars to the program, a steep drop from the initial intended $75 billion.

The Oversight Panel said, “Absent a dramatic and unexpected increase in HAMP enrollment, many billions of dollars set aside for foreclosure mitigation may well be left unused. As a result, an untold number of borrowers may go without help.”

Governor Mike Easley of North Carolina has recently signed three different bills, all trying to help alleviate the stress and pain of facing foreclosure on your home. The first bill states that lenders of mortgages are now required to provide a notice of foreclosure 45 days prior to filing a foreclosure. The bill also states that the bank commissioner in charge of the mortgage is able extend the foreclosure filing by 30 days if needed. The bill is being passed to hopefully help more people to avoid foreclosure on their homes. According to the Associated Press, Governor Easley states that “Our goal is to help bring borrowers and lenders together so that the family gets to keep their home and the bank does not lose money on the loan”. The second bill has gotten rid of yield rate premiums, which are used to pay the mortgage brokers in order for them to charge higher fees to the consumer. The third bill requires individuals and companies to make any and all reports about a loan to the bank commissioner. All three of these bills are being passed in order for North Carolina homeowners get a hold on their mortgages and help with avoiding foreclosure on their homes at all costs.