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Loan Modification

: Mortgage Lender Implode-o-Meter

U.S. Housing Program Fails to Stem Foreclosures, Watchdog Says

By Implode-Explode Heavy Industries

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The U.S. Treasury Department?s efforts to help troubled homeowners are ineffective, as foreclosures continue to rise and aid fails to reach all those who need it, a watchdog said.

The Treasury?s Home Affordable Modification Program, or HAMP, ?has made very little progress in stemming this onslaught,? with 230,000 mortgage loans permanently modified in a year, according to the report by Neil Barofsky, special inspector general for the Troubled Asset Relief Program.

Full post as published by Mortgage Lender Implode-o-Meter on April 20, 2010 (boomark / email).

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