Obama's HAMP Initiative Struggling To Help Homeowners

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Obama’s HAMP Initiative Struggling To Help Homeowners

Obama’s HAMP Initiative Struggling To Help Homeowners

If only Obama could only help homeowners as it has helped the bankster gangsters over and over and over again.

 

HuffPO-

A government auditor has warned that the U.S. Treasury Department doesn’t understand why distressed homeowners are re-defaulting at an “alarming” rate on government-aided mortgages, costing taxpayers more than $800 million and renewing questions over the administration’s efforts to help troubled borrowers.

The troubling report by the Special Inspector General for the Troubled Asset Relief Program, or SIGTARP, comes as President Barack Obama is set to deliver Wednesday what aides describe as a major address on the economy and the middle class. By detailing the administration’s shortcomings in aiding homeowners, the report may undercut Obama’s message.

The Home Affordable Modification Program — the White House’s signature effort to assist struggling borrowers in the wake of the financial crisis and Great Recession — was initially promised to help up to 4 million homeowners avoid foreclosure. Through May, fewer than 880,000 borrowers were making payments on their new HAMP mortgages. The $50 billion commitment to the program has shrunk to about $38 billion. Less than $9 billion has been spent so far on housing programs under the bank bailout program known as TARP.

[HUFFINGTON POST]

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