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Released: March 03, 2011
U.S. House may kill foreclosure-prevention programs
Source: Dina ElBoghdady, Washington Post (Free Registration)
The Obama administration’s main initiative to help struggling borrowers avoid foreclosure could soon be killed in the House, where many Republican lawmakers have complained about the program’s lackluster results.
The initiative, known as the Home Affordable Modification Program, or HAMP, aims to reduce borrowers’ monthly payments to affordable levels. When it was launched in March 2009, the administration projected that it would prevent 3 million to 4 million foreclosures before it expired in December 2012.
Read Full Article: U.S. House may kill foreclosure-prevention programs
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