Secret Documents Show Weak Oversight of Key Foreclosure Program

By Patrick   Follow   Thu, 8 Nov 2012, 2:50am PST   690 views   2 comments   Watch (0)   Share   Quote   Permalink   Like   Dislike

The Obama administration launched its main program to prevent foreclosures in the spring of 2009 with $50 billion and abundant promises. What the Home Affordable Modification Program, or HAMP, lacked — and wouldn’t have for years — was effective oversight of the big banks that were crucial to the program’s success. Documents obtained by ProPublica shed new light on this failing in 2009 and 2010, when the foreclosure crisis was at its peak and six million American homeowners were in danger of losing their homes. HAMP required mortgage servicers to offer loan modifications to eligible homeowners so that their monthly...


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Blurtman   befriend (0)   ignore (4)   Thu, 8 Nov 2012, 6:09am PST   Share   Quote   Like   Dislike     Comment 1

Why would it be wrong to begin killing the bankers?

FortWayne   befriend (12)   ignore (3)   Thu, 8 Nov 2012, 8:19am PST   Share   Quote   Like   Dislike     Comment 2

Carter 2.0.

Good intentions, but unable to see the fraud and abuse he creates. He hasn't been an effective leader in his first term, hopefully second term will be much improved or Democrats won't make it through the election... not without legalizing every single latino on earth to vote.

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