WASHINGTON (Associated Press) – After one year of activity, the government’s mortgage relief plan has helped about 12 percent of borrowers who signed up for the program.

 According to the Treasury Department, about 116,000 homeowners had completed the application process as of last month and are making permanently reduced loan payments, compared with over one million homeowners who began the process.

 Over 61,000 homeowners have dropped out of the program either because they failed to make payments or did not return the necessary paperwork.

 There have been calls recently for a major overhaul of the program, particularly for the government to further encourage banks to cut borrowers’ principle balances on their primary loans. Nearly one in three homeowners with a mortgage owes more to the bank than their property is worth, according to Moody’s Economy.com.