Government watchdogs have released a report criticizing Obama's loan modification plan. Getting a permanent loan modification is akin to winning the lottery. Only 168,708 have received a permanent loan modification while 7 million people are behind on their mortgage.

It is estimated that one million homeowners will be aided by the loan modification program, however, the program had estimated four million when implemented. It is falling way short of that goal. In addition, lots of loan modifcations are only for five years and critics complain that the program is just kicking the foreclosure can down the road for most homeowners.

For every one homeowner saved, using $50 billion in TARP funds, 10 homeowners have gone into foreclosure. Strict guidelines that most people do not meet and lack of lender motivation is blamed for the failure.