What started out as a well intentioned idea to try and help people save their homes from foreclosure, is turning out to be a hopeless cause.
I could say; "I Told You So", but no one was listening!
Mathews Realty Group
Retirement Investment Advisor
Self Direct IRA/Solo 401K specialists
House to Determine Fate of Four Foreclosure Mitigation Programs
Last week it was announced that a meeting would be held in front of the Insurance, Housing and Community Opportunity Subcommittee on Wednesday to determine the fate of four federal foreclosure mitigation programs.
The Department of Treasury released reports on Wednesday highlighting the more than 500,000 permanent modifications completed under HAMP. Those in favor of the program’s termination are quick to point out that number is significantly lower than the 3 or 4 million homeowners the program was projected to help.
“In an era of record-breaking deficits, it’s time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners,” said Committee Chairman Spencer Bachus. “These programs may have been well-intentioned but they’re not working and, in reality, are making things worse.”
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