Obama Program That Hurt Homeowners and Helped Big Banks Is Ending


HAMP’s failure stemmed from its design. Rather than a cash-transfer program that hands vouchers to distressed borrowers so they can lower their mortgage payments, the government gives the money to mortgage servicing companies, to encourage them to modify the loans. But while the government sets benchmarks to follow, the mortgage companies ultimately decide whether or not to offer aid.

Source: Obama Program That Hurt Homeowners and Helped Big Banks Is Ending

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