Treasury released information on the progress of HAMP. The grade? Fail.
According to analysis from the WSJ: “Just one in four of the 2.7 million homeowners who sought to participate in the Obama administration’s signature mortgage assistance program have succeeded in getting their monthly payments reduced. The rest failed to qualify for the program or were disqualified after they were initially accepted into the program.”
On the plus side, the administration was only able to spend about $1 billion of the $75 billion intended for the program. On the downside, HAMP has certainly contributed to the growing shadow inventory problem.
What’s the solution? Stop the foreclosure slow down madness where it should be allowed to continue without regulators throwing sand in the cogs.