Obama’s Loan Modification Program for Homeowners: Is It Working?
As originally designed, President Obama’s loan modification program was to help homeowners who have become victims of home market value losses — commonly known as “underwater mortgages” — and foreclosures.
The unprecedented number of homeowners in such a predicament continues to have wide-ranging impact both upon the lives of families as well as the U.S. economy in general.
Several million households in the country are struggling with their mortgages, and stand to lose everything to foreclosure. And the government’s budget to help them doesn’t go really that far. There is a growing consensus among consumer advocates and economists as well as some financial experts who all believe the government needs to do more. From a political perspective, having millions of families losing their homes in an election year, can’t possibly be considered a savvy move. Aside from disaster for incumbent politicians, a rise in foreclosures will also slow the economic recovery.
When the loan modification program — known as Making Home Affordable and as the Home Affordable Modification Program (HAMP) — began it attracted homeowners in crisis. But how are the homeowners and the program faring? You can read an assessment in the New York Times: Stall in Applications for Federal Mortgage Program. Click here to read more about the government home mortgage modification program
Visit the official government Web site to learn more about eligibility requirements. See also the video report.
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Obama’s Loan Modification Program for Homeowners: Is It Working?