HAMP Foreclosure Program Called “A Colossal Failure” | Irvine Real Estate | Irvine Homes and Condos for Sale

by Robert Mack on January 30, 2011

in Latest News, Sellers

Republican Representative Jim Jordan of Ohio has introduced legislation to end the Home Affordable Modification Program (HAMP), calling it a “colossal failure.”

The HAMP program was the showcase of the Obama administration’s plan to stop foreclosures by modifying mortgages to a payment level that was affordable for distressed homeowners.

It was originally estimated that HAMP would help over 4 million homeowners but to date only approximately a half million people enrolled in the program are successfully keeping up with their payments.  A majority of the participants in the HAMP program wind up redefaulting, ultimately prolonging the foreclosure mess

via problembanklist.com for the complete article

Posted on Irvine Orange County Real Estate Market News

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