The arguments presented in the article focus on the issues and the problems being faced by the consumers when they apply for the 2 percent mortgage under the mortgage modification program provided by President Obama. The aim of the program was to enable the current mortgage owners to be able to better pay their debt in lieu of their financial status and constrains. However the low approval rate as well as the increased processing time and conditions to be met by the applicants is proving to be more cumbersome for the customers. The increase in the foreclosures n the last year added by the fall of the global capital markets has increased the urgency for such a program to help the consumers as well as the industry to recover.
The mortgage modification program is a positive step taken by the government to provide support to the consumers facing high level of debts due to mortgages and foreclosure in face on not being able to make their payments in the face of high unemployment levels. However the implementation of the program and the processing of the applications filed for modification needs to be speeded up while being made efficient in order to be effective in achieving its goal of reviving consumer confidence in the US market as well as providing support to the consumers by facilitating their mortgage payments.