Despite President Obama’s implementation of the Home Affordable Modification Program, millions more foreclosures

 are expected to hit the housing market. 

This does not mean that the HAMP is not working, we seem to forget that even prior to the current housing crisis many hundreds of thousands of homes were still being foreclosed.  The goal of the program is to ultimately save 3 to 4 million borrowers and currently only 571,000 eligible candidates have been offered modifications. 

Members of the House Financial Services Committee plan to include a note in their financial regulatory reform bill that will allow bankruptcy judges the authority to renegotiate home mortgages.