Posts Tagged ‘geithner’

HAMP Still Not Making The Grade: Geithner Refuses To Consider Alternatives

By almost every measure, the HAMP program continues to underperform in its effort to address the problem of mortgage foreclosures. Since its inception a year and half ago, only 340,000 homeowners have received permanent modifications and 436,000 have been dropped from the program. Last month alone, 155,000 homeowners were kicked out of trial modifications as opposed to only 30,000 who received new trial modifications. Accordingly, it appears the HAMP program is helping fewer and fewer homeowners as time goes on.

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Treasury Lowers Expectations For HAMP Program

More than a year after launching HAMP, only 210,000 families have received permanent modifications. This puts the program’s original goal of helping 4 million families far behind schedule and highlights the program’s weaknesses.

So what does the Treasury do? Instead of doing things to improve the program, such as giving it some actual teeth to force banks to cooperate and actually modify loans, the Treasury now says that when it made the original  projection of helping 4 million homeowners, it only meant that up to 4 million homeowners would be “offered” a modification, not that they’d actually receive  one.

The Treasury has revised its projections and claims that HAMP will help 1.5 to 2 million homeowners. It is now pushing the idea of other foreclosure abatement solutions such as short sales where the beleaguered homeowner sells his home for less than the value on the note and finds “more suitable” housing.

It seems the Treasury is adopting the stance of one banker who actually said that his bank only offers modifications. They don’t actually do them. Do we need any further evidence that Treasury Secretary Geithner is  in the pocket of the big banks? Of course, it is not him alone, it is  his entire department. Who, there, is actually looking out for the well-being of the American people who have long been bamboozled by Wall Street and Big Finance?

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