HAMP–The Treasury's Mortgage Modification Program ”“is worse than we thought

From the FT’s Alphaville blog:

So the US Treasury’s centrepiece mortgage modification programme ”” Hamp ”” is something of a failure. That much we knew already.

But Laurie Goodman over at Amherst Securities brings up another point.

The programme actually has a lower success rate than other modification programmes ”” even those that involve a similar amount of payment reduction.

Read it all.


Posted in * Economics, Politics, Economy, Housing/Real Estate Market, The 2009 Obama Administration Housing Amelioration Plan, The U.S. Government, Treasury Secretary Timothy Geithner

2 comments on “HAMP–The Treasury's Mortgage Modification Program ”“is worse than we thought

  1. Bart Hall (Kansas, USA) says:

    “Worse than thought” … by whom?

    This was entirely predictable, and was (in fact) predicted by many, many people. Just because partisans on the left persist in pathologically unrealistic views of the world and how it supposedly works does not mean it actually, you know, [i]works[/i] the way they think it does.

    For mature, logical, rational, adults the failure of left-think-in-action are generally predictable with a high degree of confidence.

    Ya think they’re gonna change their views, even in the face of a crushing preponderance of evidence? If you do, there’s a Nigerian diplomat who’d appreciate your assistance in repatriating a family fortune.

  2. Cennydd13 says:

    Could it be that most homeowners don’t want to get trapped in a second……..or even third…….mortgage? That’s why my wife and I refuse to participate in it.