Word: hampe
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Dates: during 2000-2009
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...problem the Administration is out to tackle is related to the structure of the Home Affordable Modification Program (HAMP). The first three months of a mortgage rewrite are something of a probation period- and very few homeowners are making it out of that trial. More than 650,000 borrowers have been placed in trial modifications, but as of September, fewer than 2,000 had become permanent. (See pictures of the faces behind the foreclosures...
...effort being spent on whipping companies into shape, though, there is much less energy going toward addressing the changing nature of foreclosure. HAMP was crafted to deal with the effects of the housing bubble: excessively easy credit let people buy homes they couldn't really afford and often with loans that carried spiking interest rates and payments...
...Under the U.S. government's plan, a modified loan payment must not account for more than 31% of a family's income. With unemployment north of 10%, in a growing number of cases, the mortgage isn't the problem - the lack of a paycheck is. "It increasingly appears that HAMP is targeted at the housing crisis as it existed six months ago, rather than as it exists right now," concluded the Congressional Oversight Panel, a group charged with evaluating the program, in an October report...
...numbers that the system really isn't set up to handle. And there are more complications. For example, one of the delays in processing foreclosures right now is that the servicers are trying to make sure that every loan in their portfolio either qualifies or doesn't qualify for HAMP [Home Affordable Modification Program, the Federal Government's attempt to incentivize more modifications]. Even if you've already screened a loan to see if it might qualify for your own modification programs, now you're going to go back and rescreen it. That takes an awful lot of time...
...well do you think HAMP is working overall? The interim goal of having half a million homeowners in trial modifications has been met. That's a good thing. Unfortunately, for the next couple of waves of foreclosures, the program really isn't optimized to be terribly successful at preventing foreclosures. (See pictures of the remains of Detroit...