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

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