HAMP GOVERNMENT 'HOME LOANS' DEFAULTING AT ALARMING RATE

Jul 24, 2013

Nearly half of the US homeowners, who had their loans modified under a government aid program, are now defaulting again on their mortgages at an alarming rate, according to a report on Wednesday by a watchdog organization.

The report by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), said that around 865,100 homeowners have avoided foreclosure with the help of The Home Affordable Modification Program, also known as HAMP, through loan modifications.

However, more than 306,000 other homeowners had redefaulted on their modified mortgages as of April, the report added.

HAMP was set up to help struggling homeowners avoid foreclosure by working with their lenders to lower monthly mortgage payments. The Obama administration launched HAMP in 2009 to aid struggling homeowners impacted by the housing crisis.

“This is a program where there's not enough people being helped," Christy Romero, special inspector general for SIGTARP, told Reuters.

"Exactly why people are falling out of HAMP isn't well understood by Treasury," said Romero. "If redefaults are happening at an alarming rate, then you've got to stop that and change the program somehow where you stop the trend."

The rescue plan was hoped to offer a lifeline for as many as four million home-owners. But the new report by SIGTARP has raised serious concerns about the program’s effectiveness.

The US Treasury has set aside $38.5 billion of its TARP funds to pay for the program, but it has only spent $8.6 billion, about 22 percent, so far.

US foreclosures are a sensitive issue for Americans, and have already triggered protests in the country.

http://www.presstv.ir/usdetail/315304.html

[SIDEBAR:  The tragic truth in North America, those that have stolen our right to 'coin' our own 'money' have also made certain we are truly powerless.  How much more worse?  All is relative - Native Americans, Palestinians, and name a people (Africa, Latin & South Americas) that haven't been taken into a place of being nothing more than a commodity to be weighed, measured, marked, marketed.  Americans have the right to have transparency in trading and exchanging money and what money is defined to be in the century where those that are manufacturing the 'money' do so with a computer.  Algorithms are then added to the credit which is also sold as debt which can never in reality get repaid - one way or another the matrix has US.  The public servants are paid to destroy their own society, too, the entire idea of the people are the government, doesn't compute.  Money is credit which gets made-up and the pinpoint is Basel, Switzerland at the Bank of/for International Settlements ~BIS / Biz?  Or, is it in Tel Aviv?!

Members as primary owners of this 'conglomerate' are known, however, doubtful in the entirety of the secret governing shadow money monster.  Americans pay interest that can never be repaid to monsters that own the BIS Biz/State of Israel (or the USA is nuked rather than just terrorized and killed with drones like Michael Hastings may he Rest-In-Peace).   IT transacts America's UN-SOVEREIGNTY via the New York Federal Reserve System NY-FED.  The need to algorithm all this fraud is obvious.  TECHNOLOGY is IT.  HAL in 2001 A Space Odyssey, took over and the human had to destroy the human to destroy the machine the human made to make the human have more 'power'.  Powerlessness and power are very delicate opposing energies from the same source.  May we all manufacture the digital units necessary to be responsible citizens honoring our Bill of Rights’ and of course the power to coin our own dust in the computer software.]