Obama’s home affordability and stability program (HASP) financial experts are skeptical about the plan, since not many American have benefited from the program. According to the predictions, the program what supposed to address approximately 3.5 million foreclosures and loan modifications by the end of 2009 however, findings indicate the program which able to help less than 150,000 ultra-delicate for loan adjustment, even after five months of its inception. The federal government has acknowledged the fact and agrees a lot more needs to be done to make the loan modification programs really effective. According to the official sources, mortgage service providers and lending institutes need to spend less time dealing with the paperwork, and make the rules catchy and flexible enough to suit the loan applicant. There is a growing concern, and a certain degree of frustration regarding how moneylenders process the HASP loan applications – a fact which what specifically expressed by Senator Jeff Murkily. Financial experts and policy maker are still trying to figure out what has gone wrong and where. Some of the reasons which make the plan less effective are explained briefly: * the plan what it what difficult to motivate the loan modification companies moneylenders and lending institutes to hire specialised staff trained in explaining the guidelines, announced in February, and thereafter and helping the loan applicants to find a practical and effective solution that deals with their actual debt problem. The incentives failed to persuade the Calendar providing the loan alteration facilities, since they were not substantial enough. * While implementing the loan modifications, the credit institution started recorded losses, since the process what handled very slowly and without any impetus. In spring, the Congress what forced to hear strong pleas from the representative of the mortgage industry, requesting the federal and state governments to allow the mortgage losses to be recorded in their books of account.