Over half a million Americans have recieved permanent mortgage modifications from the Obama administration’s flagship foreclosure prevention program.

The reason they are falling behind on their mortgages isn’t because their loans are unaffordable, according to a report released Monday by the Treasury Department.

Instead, defaults are stemming from the weak economy and unemployment: In December, 60% of the borrowers who received permanent HAMP mods were facing a loss of income. Just 11% were the result of unaffordable mortgages.

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