The Treasury’s Making Home Affordable Program that promised to help 4.5 million homeowners has been deemed “INEFECTIVE” and has FAILED TO HOLD MORTGAGE COMPANIES ACCOUN TABLE, the Congressional Oversight Panel for the Troubled Asset Relief Program said in a report released today.
WE'RE HERE TO SAVE YOU!
Really what a SURPRISE? What were they expecting when the HAMP Program was CONTROLLED and RUN by the Banks and Servicers?
The report found that “Companies that manage mortgage loans can PROFIT FROM FORECLOSURE-RELATED FEES and are RELUCTANT to PARTICIPATE in the Treasury program, the report found. In addition, many borrowers have second mortgages from lenders who might profit by blocking a loan modification.”
GEE WHAT A SURPRISE…BANKS ARE LOOKING TO PROFIT FROM THE FORECLOSURE CRISIS!
The report also found, Homeowners are dropping out of the program at a faster rate than they’re joining it, the Treasury reported last month. The number of borrowers aided by HAMP grew to nearly 520,000 in October, up 23,750 from a month earlier, while 36,300 dropped out after failing to make their modified payments.
The Home Affordable Modification Program, or HAMP, pays lenders and servicers to rewrite loan terms for borrowers who can’t make their current mortgage payments. Since its 2008 creation, HAMP’s goal of preventing 3 million to 4 million foreclosures “has been repeatedly redefined and watered down,” the panel said. “If current trends hold, HAMP will prevent only 700,000 to 800,000 foreclosures,” a small portion of the 8 million to 13 million foreclosures expected by 2012, said Kaufman, a Democrat from Delaware.
The TRUTH is that the HAMP Program was never intended to SAVE 4.5 Million Homeowners. It was just a WINDOW DRESSING for the Banks to give the APPEARENCE of HELPING while they moved the Foreclosures along their intended path!