BUSINESS
01/16/2009 05:12 am ET Updated May 25, 2011

HUD Chief Steve Preston Calls Mortgage Aid Program A Failure

Secretary of Housing and Urban Development Steve Preston said the centerpiece of the federal government's effort to help struggling homeowners has been a failure and he's blaming Congress.

The three-year program was supposed to help 400,000 borrowers avoid foreclosure. But it has attracted only 312 applications since its October launch because it is too expensive and onerous for lenders and borrowers alike, Preston said in an interview.

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