President Barack Obama’s signature foreclosure prevention program is helping tens of thousands of borrowers a month and killing it would be a mistake, a top administration official said on Wednesday.

The Treasury Department said 27,957 homeowners received permanent loan modifications in January under the Home Affordable Modification Program, or HAMP, compared with 30,030 borrowers who received new loan terms in December.

The number of borrowers helped in January was almost double the 15,825 who dropped out of the program in the month.

The figures were released hours ahead of a hearing on Capitol Hill where newly empowered Republicans are pushing to kill the program, arguing it has not been good use of public money.

"It is a prudent use of taxpayer dollars, and in light of the very difficult (housing) market we are still in, we believe very strongly the program should continue," said Tim Massad, acting assistant Treasury secretary for financial stability.

About 808,354 borrowers had been dropped from the program through January, or about 54 percent of the 1.49 million modifications started since the program was launched in 2009. (Reuters)