Obama Housing Program Hits Milestone: 1 Million Failed Mortgage Modifications

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Obama Housing Program Hits Milestone: 1 Million Failed Mortgage Modifications

Obama Housing Program Hits Milestone: 1 Million Failed Mortgage Modifications

HuffPO-

President Barack Obama said in 2009 that a new program to fight foreclosures would help as many as 4 million struggling homeowners obtain mortgage modifications that would reduce their monthly payments.

The administration will not reach that goal, but data released Thursday show that it has achieved a much sadder statistic: More than 1 million homeowners have been bounced out of the program.

The Home Affordable Modification Program (HAMP) offers homeowners reduced monthly mortgage payments if they’re behind or at risk of falling behind on their payments because of reduced income or increased expenses. At their own discretion, banks’ mortgage servicing departments place eligible homeowners in “trial” modifications, which become permanent if borrowers successfully make the reduced payments for three months. The average modification saves homeowners more than $500 per month.

[HUFFINGTON POST]

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3 Responses to “Obama Housing Program Hits Milestone: 1 Million Failed Mortgage Modifications”

  1. Sarah says:

    The runway was foamed, plan is working as designed. Wall Street wants these foreclosures and no one is gonna stop ’em.

  2. Adrian says:

    I don’t see much of nothing being done to stop foreclosures. The Banks are study continuing with taking homes. When will the government step up? They all work together.

  3. Joni Brit says:

    On every HAMP modification there is an Investor number which many times goes unnoticed, and in future trial modifications becomes the Fannie Mae number and eventually a security trading on Nasdaq. Whether the modification is accepted or not FNMA has successfully added the security to their collection, and title insurance to their bottom line, so perhaps it should read, “1 million HAMPS successfully trading on NASDAQ, thank you Suckers.”

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