Home Affordable Modification Program

Somebody needs to foreclose on the government’s foreclosure program

Somebody needs to foreclose on the government’s foreclosure program

The Obama administration‘s central foreclosure-prevention effort won’t reach its original goals and the government should come up with clear, measurable objectives for the two-year-old program, according to a new report from a congressional watchdog. Because the Treasury Department has failed to properly analyze the program it runs, it is nearly impossible for overseers and the […]

Banks face Congressional wrath over foreclosures

Banks face Congressional wrath over foreclosures

Banks under fire over their foreclosure practices face twin hearings in Congress this week, at which they will come under renewed pressure to find ways to keep borrowers in their homes. The hearings on Tuesday and Thursday will include the first appearances by executives from major lenders like Bank of America and JPMorgan Chase since […]

Feds fudged on mortgage bailout failure numbers

Feds fudged on mortgage bailout failure numbers

The Obama administration on Friday acknowledged it had underestimated the number of homeowners who fell seriously behind on their mortgage payments even after getting government help. Treasury officials blamed the error on mortgage finance giant Fannie Mae, which acts as the program administrator for President Barack Obama’s $50 billion Home Affordable Modification Program (HAMP). The […]