Once again, the Obama Modification program (commonly called HAMP) is coming under fire from members of Congress. The program was supposed to help 3 million to 4 million homeowners avoid foreclosure, but it has fallen far short of that goal, and now Republican lawmakers have introduced legislation to shut it down.
By Tara Tyrrell
According to the research firm RealtyTrac, a record 2.9 million homes in 2010, with banks seizing more than 1 million homes. By the end of December, roughly one out of every 500 housing units in the U.S. had received a foreclosure filing. More than 3 million foreclosure notices are expected in 2011. One still hard to find statistic: 80% of the homeowners who do what their bank says and avoid the use of professional companies to assist them are the ones that lost their homes to foreclosures.
Recent Articles