Obama May Prohibit Home-Loan Foreclosures Without HAMP Review - Bloomberg.com: "Feb. 25 (Bloomberg) -- The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government’s Home Affordable Modification Program.
The proposal, reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed,” according to a Treasury Department document outlining the plan."
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How does this "ease the housing crisis"? All it does is keep people in the homes they can't pay for. The HAMP program isn't really making all that big a difference.
1 comment:
However, it would allow homeowners more time in their homes.
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