HAMP Continues to Produce Lackluster Results
Today, the Treasury Department revealed yet another scorecard for the Home Affordable Modification Program -- the administration’s signature effort to stop the
Jul 31, 20201.1M Shares15.3M Views
Today, the Treasury Department revealed yet another scorecardfor the Home Affordable Modification Program — the administration’s signature effort to stop the foreclosure crisis — showing dreary results. Here’s a good chartfrom Daniel Indiviglio at The Atlantic:
The government program is starting fewer trial modifications, moving on to fewer permanent modifications and kicking out more homeowners. Thus far, HAMP has kicked out 47 percent of participants. This comes the same week as a ProPublica investigationfound widespread problems with the program, meant to significantly reduce monthly mortgage payments for distressed homeowners. Many have had their payments reduced by negligible amounts. Many have gotten bogged down in paperwork. Many have never received a rejection. Indeed, financial companies’ own programsto modify mortgages have worked far better.
Paolo Reyna
Reviewer
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.
Latest Articles
Popular Articles