Got HAMP? Maybe Not For Long
Got HAMP? Maybe Not For Long
Got HAMP? Maybe Not For Long
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January 31, 2011 (Chris Moore)
mortgage-hamp-pileup-image
Rep. Darrell Issa (R-Calif) and Rep. Jim Jordan (R-Ohio) introduced legislation to end the Home Affordable Modification Program (HAMP). Issa, the chairman of the Oversight and Government Reform Committee, and his colleagues said the Treasury Department’s program to help troubled borrowers avoid foreclosure has been a bust. This comes on the heels of a report recently released by the Special Investigator General for the Troubled Asset Relief Program (TARP), who was unsparing in its criticism of HAMP.

The Inspector Generals report said HAMP “continues to fall dramatically short of any meaningful standard of success.” It said that while HAMP has been a boon for those fortunate enough to obtain a loan modification, it described its achievements as “remarkably modest” and said any hope for achieving its original goals are slipping away.

Originally predicted to assist 3-4 million homeowners, the program has resulted in only half a million permanent modifications to date, the report noted. The Congressional Oversight Panel has estimated that number will only rise to 700,000-800,000 if current trends hold.

According to the Treasury Department, about 522,000 homeowners were enrolled in HAMP loan modifications and were making payments on time as of the end of last month. Meanwhile, about 793,000 homeowners have dropped out of the program. That is about 54% of the nearly 1.5 million who have enrolled since spring 2009.

The move by Republicans highlights a mounting political problem for the Obama administration’s’ troubled efforts to attack the foreclosure crisis. The administration has been criticized from both sides of the political spectrum with Republicans calling it a waste of effort.

“HAMP is a colossal failure,” Jordan said in a press release issued by the committee. “In many cases, it has hurt the very people it promised to help. It’s one more example of why government interference in the private sector doesn’t work and that’s why it should be repealed.”

Tim Massad, the Treasury Department’s acting assistant secretary for financial stability said, “I think this program can still help a lot of people. It’s constructed so that we only use taxpayer funds prudently and wisely. To the extent that we do help people, I think it’s helping the right people.”

However, Issa had a different view of the program.

“It’s unacceptable that Treasury continues this misguided effort that appears more focused on saving face than helping troubled homeowners,” Issa said in a press release.

Tags: HAMP, treasury department, loan modification, mortgage assistance, issa, foreclosure crisis, homeowners, permanent modifications, private sector, government interference

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Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

January 31, 2011 (Chris Moore)
mortgage-hamp-pileup-image
Rep. Darrell Issa (R-Calif) and Rep. Jim Jordan (R-Ohio) introduced legislation to end the Home Affordable Modification Program (HAMP). Issa, the chairman of the Oversight and Government Reform Committee, and his colleagues said the Treasury Department’s program to help troubled borrowers avoid foreclosure has been a bust. This comes on the heels of a report recently released by the Special Investigator General for the Troubled Asset Relief Program (TARP), who was unsparing in its criticism of HAMP.

The Inspector Generals report said HAMP “continues to fall dramatically short of any meaningful standard of success.” It said that while HAMP has been a boon for those fortunate enough to obtain a loan modification, it described its achievements as “remarkably modest” and said any hope for achieving its original goals are slipping away.

Originally predicted to assist 3-4 million homeowners, the program has resulted in only half a million permanent modifications to date, the report noted. The Congressional Oversight Panel has estimated that number will only rise to 700,000-800,000 if current trends hold.

According to the Treasury Department, about 522,000 homeowners were enrolled in HAMP loan modifications and were making payments on time as of the end of last month. Meanwhile, about 793,000 homeowners have dropped out of the program. That is about 54% of the nearly 1.5 million who have enrolled since spring 2009.

The move by Republicans highlights a mounting political problem for the Obama administration’s’ troubled efforts to attack the foreclosure crisis. The administration has been criticized from both sides of the political spectrum with Republicans calling it a waste of effort.

“HAMP is a colossal failure,” Jordan said in a press release issued by the committee. “In many cases, it has hurt the very people it promised to help. It’s one more example of why government interference in the private sector doesn’t work and that’s why it should be repealed.”

Tim Massad, the Treasury Department’s acting assistant secretary for financial stability said, “I think this program can still help a lot of people. It’s constructed so that we only use taxpayer funds prudently and wisely. To the extent that we do help people, I think it’s helping the right people.”

However, Issa had a different view of the program.

“It’s unacceptable that Treasury continues this misguided effort that appears more focused on saving face than helping troubled homeowners,” Issa said in a press release.

Tags: HAMP, treasury department, loan modification, mortgage assistance, issa, foreclosure crisis, homeowners, permanent modifications, private sector, government interference

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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January 31, 2011 (Chris Moore)
mortgage-hamp-pileup-image
Rep. Darrell Issa (R-Calif) and Rep. Jim Jordan (R-Ohio) introduced legislation to end the Home Affordable Modification Program (HAMP). Issa, the chairman of the Oversight and Government Reform Committee, and his colleagues said the Treasury Department’s program to help troubled borrowers avoid foreclosure has been a bust. This comes on the heels of a report recently released by the Special Investigator General for the Troubled Asset Relief Program (TARP), who was unsparing in its criticism of HAMP.

The Inspector Generals report said HAMP “continues to fall dramatically short of any meaningful standard of success.” It said that while HAMP has been a boon for those fortunate enough to obtain a loan modification, it described its achievements as “remarkably modest” and said any hope for achieving its original goals are slipping away.

Originally predicted to assist 3-4 million homeowners, the program has resulted in only half a million permanent modifications to date, the report noted. The Congressional Oversight Panel has estimated that number will only rise to 700,000-800,000 if current trends hold.

According to the Treasury Department, about 522,000 homeowners were enrolled in HAMP loan modifications and were making payments on time as of the end of last month. Meanwhile, about 793,000 homeowners have dropped out of the program. That is about 54% of the nearly 1.5 million who have enrolled since spring 2009.

The move by Republicans highlights a mounting political problem for the Obama administration’s’ troubled efforts to attack the foreclosure crisis. The administration has been criticized from both sides of the political spectrum with Republicans calling it a waste of effort.

“HAMP is a colossal failure,” Jordan said in a press release issued by the committee. “In many cases, it has hurt the very people it promised to help. It’s one more example of why government interference in the private sector doesn’t work and that’s why it should be repealed.”

Tim Massad, the Treasury Department’s acting assistant secretary for financial stability said, “I think this program can still help a lot of people. It’s constructed so that we only use taxpayer funds prudently and wisely. To the extent that we do help people, I think it’s helping the right people.”

However, Issa had a different view of the program.

“It’s unacceptable that Treasury continues this misguided effort that appears more focused on saving face than helping troubled homeowners,” Issa said in a press release.

Tags: HAMP, treasury department, loan modification, mortgage assistance, issa, foreclosure crisis, homeowners, permanent modifications, private sector, government interference

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.