Still

Wednesday 24 July 2013 - Filed under Uncategorized

Shocking news: People who couldn’t afford their mortgages before the housing meltdown, still can’t afford them even after tens of billions of dollars have been lofted their way.

Borrowers who received help through the government’s main foreclosure prevention program are re-defaulting on their mortgages at alarming rates, a federal watchdog said in a report released Wednesday.

Nearly 1.2 million mortgage modifications have been completed since the Home Affordable Modification Program (HAMP) was first launched four years ago. Yet more than 306,000 borrowers have re-defaulted on their loans and more than 88,000 are at risk of following suit, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) found in its quarterly report to Congress.

Who could have imagined that?

2013-07-24  »  madlibertarianguy