patrick.net

http://www.propublica.org/article/secret-documents-show-weak-oversight-of-key-foreclosure-program

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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