By the Time HAMP is Up to Speed the Crisis Will be Over
Enacted on March 9, 2009 this $75,000,000,000 boondoggle is screwing up the value of Everett real estate. Mortgage lenders are cashing in on monster money for doing virtually nothing.
At least this guy is honest enough about t. But maybe the reality is we (you the taxpayer) can’t do a thing about it anyway. Richard Neiman was quoted directly, “HAMP has made only limited progress for nine months now, and the residential foreclosure crisis continues to mount,” the superintendent of banks in New York state and a member of the Congressional Oversight Panel. This is the guy appointed by the Obama administration to oversee the HAMP program.
HAMP by the way is Home Affordable Modification Program. With a budget of $75,000,000,000 of your tax dollars it is designed to modify mortgages to avoid foreclosure. I will not go into just how unfair this whole concept is in this post. Or why the Federal Government is paying my neighbors mortgage with my tax dollars but I have posted about it before.
A Republican congressman from Texas, Jeb Hensarling, has call HAMP a massive failure.
Right now after 9 months they have finished only 31,382 loan mods. That is out of 759,058. But that 759,058 number is not really correct. Because I get different numbers every time I look at a different report. According to another report we have 10,000,000 loan mods to do. Well if it took 9 months to do 31,382 then it will take: Lets see take 31,382 divided by 9 months = 3486 per month.
Give them credit and say 4,000 per month. 10,000,000 divided by 4,000 = 2500 months or 208.33 years.
By the end of December they did manage to get it moving along a bit better. An additional 35,083 loan mods were finished and that means they might get done in 23.75 years. Still they will not make a dent in the 10,000,000 until long after the crisis is over.
Oh by the way our Federal government allows the very same people who lied to get these loans can now lie to modify them.
Why am I not surprised.
And you would let these clowns run health care.
How will the value of real estate in Everett ever recover with these idiots running the government?
Jim Johnson and comments are always welcome.
