Friday, November 05, 2010

HAMP Fails: Pushes Consumers Into Foreclosure

HAMP Fails: Pushes Consumers Into Foreclosure:

"“Many homeowners end up facing foreclosure solely on the basis of the arrears accumulated during a trial modification,” Julia Gordon, senior policy counsel at the Center for Responsible Lending told Congress, according to Bloomberg. “One incomplete payment or one accounting mistake can land you on an apparently unstoppable conveyor belt to eviction.”

So far, HAMP has approved fewer than 467,000 borrowers for permanent loan modifications, the report said."

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