After an eight-year run, a troubled government effort to prevent foreclosures and keep struggling borrowers in their homes came to an end last month. What happens next will be laboratory experiment.
News Story (NATIONAL)
New York Times (NYT)
January 25, 2017
READ THE FULL STORY HERE
Tags: Housing: Foreclosure
Organizations mentioned/involved: Legal Services NYC (LSNYC)
The expired Obama-era program — known as HAMP, the Home Affordable Modification Program — was widely criticized for its poor execution. Participation was voluntary for banks, and many that opted in did so unenthusiastically. (At one bank, “the floor of the room in which the bank dumped the voluminous unopened HAMP applications actually buckled under the packages’ sheer weight,” according to a scathing oversight report.)
Consumer advocates were also not thrilled; many felt that the program did not go far enough to help troubled homeowners or hold accountable the banks that contributed to their predicaments.