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Another Month, Another Lackluster HAMP Scorecard

Today, the Department of Housing and Urban Development released a new monthly scorecard on the Home Affordable Modification Program, or HAMP -- the Obama

Jul 31, 2020
Today, the Department of Housing and Urban Development releaseda new monthly scorecardon the Home Affordable Modification Program, or HAMP — the Obama administration’s signature effort to keep underwater and distressed homeowners in their homes.
The report is, well, not great. And the accompanying press release is short of triumphant. “The housing market is performing better than the predictions made over a year ago,” Raphael Bostic, a HUD assistant secretary, says in the release. “We’re absolutely not claiming victory, but due to the Obama administration’s efforts, improved home affordability is continuing to provide opportunities for prospective, qualified homebuyers.”
In June, the program gained 38,700 new participants and granted 51,025 homeowners permanent mortgage modifications. It also kicked 91,100 participants out. The program generally drops participants if they cannot keep up with payments, or if they do not complete the requisite paperwork or meet certain requirements. All in all, the program has 364,100 homeowners still participating, has helped 389,200 get permanent mortgage modifications and has dropped 520,800 participants.
Paolo Reyna

Paolo Reyna

Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies. Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most. In his free time, he loves to travel, watch films, read books, and socialize with friends.
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