Little more than a year ago President Obama announced the Home Affordability and Stability Plan in a commitment to save 7 – 9 million homeowners from foreclosure. Under the program, several initiatives were established to accomplish his goal. One of them, The Home Affordable Modification Program or HAMP, begun in March 2009 with initial funding of $75 billion, was intended to help those homeowners in default or at imminent risk of default, by modifying their existing mortgages. Such modifications might involve a lowering of the owner’s mortgage interest rate, extending the terms of their loan, or both.
Now, one year later, officials have admitted that the program is unlikely to meet its goals, either now or in the future. In a report released by the Special Inspector General for the Troubled Asset Relief Program, SIGTARP, Treasury has been harshly criticized for the way it established and managed HAMP.
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