Mortgage Modification Program Slows to a Crawl

WASHINGTON -- Fewer homeowners entered preliminary mortgage modifications under the Obama administration's signature foreclosure prevention initiative in June than in any month since April 2009, according to government data released Friday.

June saw just 15,000 new trial modifications under the initiative, which the administration confirmed was the smallest number of any month almost since the program launched. (The administration said some June modifications may not have been reported yet. More than 30,000 trial modifications were converted to permanent ones in June.)