Treasury program is failing to stem the tide of foreclosures
Posted by: admin in Real Estate and HousingFiled under: Housing, Recession
The U.S. Treasury Department says that 6 million Americans face foreclosure in the next three years.
This number is shocking. What’s being done to stem this bloodletting? The Treasury has a program to rework existing mortgages for people who qualify. So far only 360,165 people have had their mortgages reduced through August, up from 235,247 in July.
The Treasury’s program is called the Home Affordable Modification Program (HAMP). The program pays cash to servicers to reduce mortgage payments to 31% of a borrowers income.
Continue reading Treasury program is failing to stem the tide of foreclosures
Treasury program is failing to stem the tide of foreclosures originally appeared on BloggingStocks on Thu, 10 Sep 2009 13:10:00 EST. Please see our terms for use of feeds.
Entries (RSS)