The more Federal Programs the Government tries to implement, in order to save the Housing market - The longer it's going to take to recover!
These programs were doomed from the beginning for one big reason? They were for the most part, and still are, being offered and given to people who bought a home, they couldn't afford to own in the first place. Those that have been helped are re-defaulting at an alarming rate.
Mathews Realty Group
Retirement Advisor/Investment Consultant
Self Direct IRA/ Solo 401K Specialists
Four Federal Foreclosure Mitigation Programs on the Chopping Block
Rep. Spencer Bachus (R-Alabama), chairman of the House Financial Services Committee, announced this week that he has scheduled a subcommittee hearing and full committee markup of four bills that will terminate what he says are “failed and ineffective housing foreclosure programs.”
On the chopping block are the Home Affordable Modification Program (HAMP), HUD’s Neighborhood Stabilization Program, the Federal Housing Administration (FHA) Short Refi Program, and the Emergency Homeowner Relief Fund passed under the Dodd-Frank Act.
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