Loan Modifications Jump. Is This Progress?

The stated goal of the Home Affordable Mortgage Program is to modify 3 to 4 million mortgages by 2012.  At a pace above 110,000 per month, nearly double last month, it could be that the program is on track by number of mortgages.  But in dollar terms, $2.2 billion allegedly saved by homeowners doesn’t compute.  Over what period of time?  Total funding is $75 billion, so where, when and how is that money being spent?

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