According to an article on Bloomberg.com, the Obama administration’s foreclosure prevention program shed 24 percent of the almost 1.1 million borrowers who had obtained trial loan modifications through February, the Treasury Department reported.

The Home Affordable Modification Program's goal is place 3 to 4 million at-risk borrowers into permanent loan modifications. Bank of America Corp. and JPMorgan Chase & Co. have only converted 168,708 trial plans into permanent loan revisions. Wells Fargo has modified only 7,533 loans, which is a ridiculously low amount.

What should lenders be doing?