26 January 2010 ? Last year in February of 2009, President Obama signed the Home Affordable Modification Program or HAMP into law. HAMP was designed to help millions of people facing foreclosure by encouraging loan modifications among lenders. The Treasury Department was to spend $75 billion for these loan modifications. So far 760,000 mortgage holders have been applied for modifications, but only 31,000 homeowners, or less than 1%, have been successful. With that said, the Center for Responsible Lending has estimated over 5-million homes have been foreclosed since 2007. They estimate that another 13-million homes could fall into foreclosure within the next five years. With loan modifications not seeming to work, it is no surprise that these numbers are so grim.Email This Post To a Friend.
Obama’s Loan Modification Program a Bust So Far – Less than 1% of Applicants Get Relief
January 26, 2010
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