Have the dozens of government ‘save housing..prevent foreclosure’ programs worked? Well, no. So, the Republicans, voted an end to the current program, known as HAMP (Home Affordable Modification Program). Safe to assume that the other well intentioned ‘save housing’ programs are in the Republicans cross hairs as well. For all of you out there who have wanted the government ‘out of housing’ you may be getting what you wished. (Just remember, when government controlled Fannie and Freddie are reduced in size and influence there is serious doubt that the private sector will fill the gap. You can’t have it both ways) [...] Click Here To View More
House Republicans Take Aim at Four Foreclosure Prevention Programs
Update (3/17/11): The House of Representatives Republican majority voted on Wednesday to withdraw funding for HUD’s Neighborhood Stabilization Program. The vote was largely along party lines. The measure is not likely to be heard in the Democrat-led Senate. *********** Original post: Last week, the House of Representatives voted to end two foreclosure prevention programs and intends to vote [...] Click Here To View More
Foreclosure Prevention Programs, Loan Modifications Waste of Time and Money?
Taking a closer look at the realities of all the government foreclosure prevention programs sheds light on how off the mark they have been. For the record, at the time ALL of these programs were celebrated as a possible solution to the housing crash. Sure, in hindsight its all too easy to be cynical about the Obama Administrations various programs, acts, guidelines…not to mention the literally dozens of new acronyms we have all had to learn. (HAMP, HAFA, PRA, HARP etc etc) Here are the hard facts from the NYT and Corelogic: Congress set aside $50 billion for foreclosure prevention, [...] Click Here To View More
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