The Home Affordable Modification Program (HAMP) is out with some new guidelines!
The program’s been a dismal failure, as only a few thousand homeowners have been able to obtain permanent loan modifications, while the number of foreclosures this year is expected to exceed 3 million (it was over 2 million last year). As Calculated Risk notes, the new guidelines suggest that temporary modifications are surging and going nowhere.
Perhaps its time for a bit of brand retooling…
Gorilla suggests: “What about calling it HEMP (Highly Elated Modification Placebo)? Should work wonders in California!”
Tags: HAMP, housing, US Treasury