Pour that money down the drain, Obama will keep printing.......
Nearly one-third of the homeowners who got help through the government's
main foreclosure prevention program are defaulting again on their
mortgages, according to a government watchdog's report.
The Home Affordable Modification Program (HAMP) has worked on 1.2 million mortgage modifications since it started four years ago. Of those, more than 306,000 borrowers have defaulted again on their loans, and another 88,000 are at risk as well, reports CNN.
The Special Inspector for the Troubled Asset Relief Program (SIGTARP), which conducted the review, said homeowners are also more likely to default again on the modified loans the longer they stay in the program, with 46 percent of those involved in the program since 2009 defaulting on their loans again.
The re-defaults have cost taxpayers some $815 million, according to SIGTARP. So far, the Treasury Department has allocated $19.1 billion to HAMP, and $4.4 billion has been spent. The program was recently extended for another two years, until the end of 2015.
The Home Affordable Modification Program (HAMP) has worked on 1.2 million mortgage modifications since it started four years ago. Of those, more than 306,000 borrowers have defaulted again on their loans, and another 88,000 are at risk as well, reports CNN.
The Special Inspector for the Troubled Asset Relief Program (SIGTARP), which conducted the review, said homeowners are also more likely to default again on the modified loans the longer they stay in the program, with 46 percent of those involved in the program since 2009 defaulting on their loans again.
The re-defaults have cost taxpayers some $815 million, according to SIGTARP. So far, the Treasury Department has allocated $19.1 billion to HAMP, and $4.4 billion has been spent. The program was recently extended for another two years, until the end of 2015.
More @ Money News
does it really surprise anyone that people who could not afford their mortgage in the first place still cannot afford their mortgage?
ReplyDeleteThey must be at a loss as to why.......:)
ReplyDelete