Treasury Provides $3B More For Foreclosure Program

The administration announced in March that it would provide $50 billion from the $700 billion financial rescue fund as an incentive for the mortgage industry to modify loans at lower monthly payments.

But the effectiveness of the relief plan remains in doubt, with questions lingering about how much the lending industry is cooperating. Many housing counselors say it hasn't made much of a difference.

As of this week, more than 50,000 borrowers were enrolled in three-month trial modifications under the plan, according to the Treasury Department.

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AP Real Estate Writer Alan Zibel contributed to this report.