The U.S. Treasury's
mortgage bailout is failing at an "alarming rate," according to a
government watchdog, but architects of the four-year-old plan say that
it is no worse than they expected.
The Home Affordable Modification Program (HAMP) was launched in early 2009 with the goal of helping 3 to 4 million borrowers avoid foreclosure. So far fewer than one million borrowers are in permanent modifications, and default rates on these modifications are high.
A new report from Special Inspector
General for the Troubled Asset Relief Program points to disturbing
numbers, but offers no reason for the high rates.The Home Affordable Modification Program (HAMP) was launched in early 2009 with the goal of helping 3 to 4 million borrowers avoid foreclosure. So far fewer than one million borrowers are in permanent modifications, and default rates on these modifications are high.
READ MORE: http://www.cnbc.com/id/100674924
No comments:
Post a Comment