There have probably been more settlements, modifications (other than HAMP) and massive foreclosures than whatever the HAMP scam produced. HAMP was designed to help foam the runway for the banks and scammed homeowners into missing payments in order to “qualify” for modifications.
Begun as the government’s response to the foreclosure crisis, the Treasury Department’s Home Affordable Modification Program wasn’t supposed to last forever.
The Dec. 31 end of the foreclosure relief program, which offered a more affordable payment by adjusting interest rates, extending the loan term, and reducing or forbearing principal, will leave a gap that the government is trying to fill.
The Consumer Financial Protection Bureau, created under the Dodd-Frank Act of 2010, is proposing consumer protection principles to guide mortgage servicers, investors, government housing agencies and policymakers as they develop foreclosure-relief solutions to replace what is better known by its acronym HAMP.
The Home Affordable Refinance Program, known as HARP, which was designed to help homeowners who’ve seen a drop in home values refinance with better mortgage terms, also expires Dec. 31.
Deadly Clear 