HAMP’s Abysmal Failure

You know the government loves to dish out “I told you so” like it’s all they know how to say. You find a single company stepping out of line and suddenly Washington comes down on them with God’s wrath saying “We told you so.”

So now it’s time for us to say to Washington “No new taxes!” I mean, wait, that’s not the message. Where was I? Oh yeah, “We told YOU so!”

Because the latest numbers have come out showing that the much hyped HAMP is extremely disappointing. Half, let me just stress that, Half, 50%, 1/2, either the guy on your left or the guy on your right, who was approved for a trial modification has fallen out of the program.

Over 600,000 trials ended in the dust.

Most of this is being chalked up to not adequately researching the applicants. Homeowners were in a huge rush to avoid foreclosure and Washington was in a huge rush to save the day. And you see what happens from rushing without thinking, leaping without looking, sunbathing without applying sunblock.

So right now we’re looking at 421,000 modifications that have entered permanent status. And I and all the other experts out there have been saying from day one that Washington’s projects are not the answer.

Rescuing the housing market and saving people has never been the governments business. That’s for us, good old private enterprise, so handle. We’re the ones out there who know the lay of the land, know how to get people good value for their property and make a short sale where everyone walks away better off.

So just in case Obama is reading this, I’ll say it one more time, “I told you so.”

So now what?

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