According to HUD so far there were 1,426,800 struggling homeowners who applied for HAMP. Only 549,600 were helped which is only 38.52% of them who were helped. In America's grading scale that is a big fat F.
According to their own numbers
http://portal.hud.gov/hudportal/HUD?src=%2Finitiatives%2FHousing_Scorecard
Meanwhile another 79,000 in December 2010 received Notice of Defaults from their lender(s) and 116,000 received a Notice of Foreclosure Sale.
http://portal.hud.gov/hudportal/documents/huddoc?id=DEC_SCORE.pdf
Home Affordable Modification Program (HAMP) is a Failure With a Capital F
The Federal Government's official numbers are out.
The rest, 877,200, were not helped. They comprise the 61.48% who were not helped.
They are VERY unhappy that their bank evicted them:
Today the Wall Street Journal reported that some Republicans want to end HAMP. I agree.
It should end.
President Obama authorized the Treasury Department to set aside $50,000,000,000 of taxpayer money from TARP plus another $25,000,000,000 from taxpayer-owned Fannie Mae and Freddie Mac, to give mortgage servicers thousand-dollar incentives to reduce monthly mortgage payments by modifying eligible homeowners' loans.
So far this program has been ineffective. Their numbers total 38.52% which is a big FAT F.
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