Back in February, we rated Obama's promise to create a $10 billion fund to help homeowners as a Promise Kept. In fact, we noted, Obama actually exceeded his promise, sending $75 billion to the fund because the crisis had worsened since the campaign of 2008.

The program, called the Home Affordable Modification Program, or HAMP, has been operating for almost a year now. The idea was that lenders would refinance loans for troubled homeowners, and the federal government would make a small payment to the lender as an incentive.

But the problem is that it's not working as hoped. Out of 759,058 mortgages modified on a trial basis through November, only 31,382 homeowners have received permanent modifications. For perspective, Moody's Economy.com estimated that 2 million homes were lost to foreclosures and short sales in 2009, and another 2.4 million will face foreclosure in 2010.

Criticism of the program has been widespread. "HAMP has made only limited progress for nine months now, and the residential foreclosure crisis continues to mount," said Richard Neiman, a member of the congressional oversight panel that monitors the program, in a story by McClatchy Newspapers.

''For some folks, it is doing more harm than good, because ultimately, at the end of the day, they are going back into the foreclosure morass," said Mark Zandi, chief economist at Moody's Economy.com, to the New York Times.

The Obama administration continues to support the program, saying that the modification program is helping some homeowners

For our purposes here at PolitiFact, it's hard to let our Promise Kept rating stand when the fund has fallen short of its intended promise. We're going to roll back this promise to a Compromise, and keep monitoring the situation to see if how the mortgage modification fund ultimately concludes.