Report: Treasury, Freddie Mac Flubbed HAMP Oversight

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Posted To: MND NewsWire

Paul Kiel of ProPublica has published a serious critique of the Treasury Department's early oversight of the Home Affordable Modification Program (HAMP) that probably won't surprise anyone who has followed the troubled path of that program. HAMP, established in 2009, was an effort to stem the rapidly rising flood of foreclosures. It required mortgage servicers to offer loan modifications to eligible homeowners in order to lower their monthly payments and, theoretically, stay in their homes. The program was given a budget of $50 billion and a goal to modify three to four million mortgages; to date $4 billion has been spent and 1.1 million loans modified. Some servicers are independent companies but the largest are owned by the largest banks including Wells Fargo, CitiMortgage, Chase, and Bank...(read more)

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