In March 2009, the Obama administration launched a large housing relief program that has fallen short of its goals. Homeowners in states that were hardest hit by the housing downturn have seen the most help.
California More than 200,000 California homeowners have taken advantage of the Home Affordable Modification Program. Under the program, banks are paid to make a borrower’s mortgage more affordable by lowering monthly payments. California is among the states that has been hardest hit by the collapse of the housing market, and the state accounts for 25 percent of the modification rendered under the government program. Chip Chipman/Bloomberg Buy Photo