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Obama's HAMP Program a Stunning Success

larsen14 Wrote: Jul 25, 2013 9:44 AM
We applied for a hamp modification and were turned down because we were late < 30 days. My husband became very ill and we were paying july's payment at the end of july instead of in the beginning!! They supposedly gave us a "private modification" which all they did was put the 1 payment we were late on the end of our loan, and lowered our interest rate from 9.4% to 6% for 4 years, but our payment remained the same!! Great deal!!!!! You would think we were the type of people they should be helping with income and not being behind too many payments.

Obama had lofty goals of helping 4 million Americans keep their homes with his Home Affordable Mortgage Program (HAMP).

Here are some quick facts:

  • HAMP modified 1.2 million mortgages (70% less than the target)