HAMP’s Failures - Short Sale Fundamentals
 
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26
Oct

HAMP’s Failures

HAMP program failureIt’s the beginning of the end for HAMP. I’m not sure if that’s supposed to be good news or bad news, but it’s my guess that it’s true. It’s certainly begun to lose steam and that’s a sure sign that a government program (or president…) is on its way out.

Basically, the promises that were made were that 4 million homeowners would keep their homes because of HAMP. So far it’s become just over 466,000. That’s in more than a year and a half.

But month to month, it’s been doing less and less. From August to September its down 16%. Also, many homeowners that start the program cancel. And 16% of people who stay in are more than 60 days delinquent. Not promising numbers.

So as I said, it sounds like HAMP is on its way out. If it helps, I suppose it’s good that it wasn’t the only program that Washington put in place to help the housing crisis. But it was certainly their most promoted one. We’ll see what moves in to fill the gap. But whatever it is, we need to learn from the failures and make our successes even better.

Can we count on Washington to learn from this?

  • Gerry Thomas

    Washington will never learn a thing! It is controlled by out of control beaurocrats & a group of jerks who consistently refuse to supervise the bloated regulatory system they created. Witness the MLO debacle!

  • http://www.shortsaleology.com Cory Boatright

    Gerry – What is the solution? I think we need accountability and leadership that isn't afraid to tame the regulatory system.



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