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A Slack Lifeline for Drowning Homeowners

Another blog post detailing how HAMP which was billed as a lifeline for many troubled homeowners by the Obama administration that was estimated to help up to 4 million homeowners has actually helped only 887,001 according to Christy L. Romero who is the government official with authority to monitor the HAMP program.

Justice League

NY Times:

After Lucy Circe became disabled and could no longer work, she applied to Bank of America for a mortgage loan modification on her Vermont home. Over more than two years, starting in 2012, the bank repeatedly requested copies of documents that had already been provided, asked for proof that she was no longer married to a man she did not even know, and made other errors, like asking why Ms. Circe had indicated that she didn’t want to keep her property when she had actually told the bank she did.

None of it made sense. But a disturbing report on the federal government’sHome Affordable Modification Program issued on Wednesday suggests that Ms. Circe’s experience was anything but unique.

Advertised in 2009 as a lifeline for as many as four million troubled borrowers, the program was one of the Obama administration’s signature efforts to help homeowners. But the…

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