Housing
Obama Home Modification Program Turns In Pathetic Results
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HAMP, the Administration’s effort to keep three to four million Americans with homes out of foreclosure has been progressively losing its credibility as a successful program. Whatever legitimacy it had left was lost when the Treasury released it August report on HAMP progress.
Only 37,000 people received home modifications in August.The number is down from 51,205 in July. At that rate, it would appear that a goal of salvaging four million troubled home loans is impossible. There have only been 434,000 permanent home loan modifications since HAMP began on April 2009. The total number of trial modifications granted since the program began is 1,307,500, so the conversion level is awful.
Douglas A. McIntyre
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