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NEWS ABOUT: Home Affordable Modification Program

GOP Votes to Ax Foreclosure Aid Program

But bill is unlikely to clear Senate

(Newser) - The House of Representatives yesterday passed a bill that would kill off President Obama’s top foreclosure prevention program, in a 252-170 vote that broke mainly along partisan lines. Republicans said the Home Affordable Modification Program, which gives banks incentives to modify mortgages, had proven ineffective, helping less than 600,... More »

Obama Weighs Foreclosure Ban

Proposal would require HAMP to review all delinquent mortgage loans

(Newser) - The Obama administration is considering kicking up the fight against foreclosures by banning any that haven't been reviewed by its Home Affordable Modification program. The move would prevent lenders from initiating foreclosure unless HAMP had screened the loan and found it unsalvageable. it would also require them to halt existing... More »

Treasury to Squeeze Mortgage Lenders

Will expand program to help keep people in their homes

(AP) - The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said yesterday. The administration will announce its expanded program tomorrow, a Treasury spokeswoman said, and will take "additional... More »

Watchdog: Feds Need to Expand Foreclosure Plan

$50B plan proving ineffective as more mortgage holders lose their jobs

(Newser) - The Treasury's $50 billion loan-modification program is in danger of being swamped as the foreclosure crisis accelerates, the Congressional Oversight Panel said in a report yesterday. The Home Affordable Modification Program has met its target of 500,000 trial mortgage modifications started by November 1, but the watchdog warned that... More »

Sleazy Middlemen Stiff Homeowners Trying to Refi

Foot-dragging 'mortgage servicers' step into role of fox in henhouse

(Newser) - The federal mortgage modification program is mired in trouble, with just 12% of the 3 million eligible loans in the process of modification, the "servicers" that helped create the problem tasked with helping to untangle it, and the Treasury Department falling down on the oversight job. In one... More »

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