Update on Obama’s HAMP
On Thursday Treasury Assistant Secretary for Financial Stability, Herbert Allison, at the House Financial Services hearing said “We're not satisfied yet with how this program is unfolding”. Even though foreclosure filings have fell 8% from November many home owners are still in need of help. So far only about 4% have been able to receive permanent modification assistance under Obama’s $75 billion “Home Owner’s Modification Plan”. Reasons for this include the lack of home owners making monthly payments and turning in the necessary paperwork to complete their modification plans.
Hopefully, we will continue to see foreclosure filings decline and the HAMP program will help more American’s in need. 4% assisted so far, is better than 0%. We’d like to hear your thoughts on this topic. Feel free to leave your comments below.
Read the full article at CNNMoney.com
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