Barack Obama
Anatomy Of A Failed Foreclosure Program
December 7, 2009 by admin · Leave a Comment
Just how badly is President Obama’s $75 billion foreclosure program working out? Consider these newly-released numbers: Out of every 100 homeowners who came to JPMorgan Chase for help under the program, just 15 have or will likely receive a permanent payment reduction.
What happened to the other 85? For every 100 trial plans initiated from April through September 2009 under the Home Affordable Modification Program:
- 29 borrowers did not make all required payments under their trial plan;
- 20 borrowers did not submit all documents required for underwriting;
- 31 borrowers submitted all required documents but the documents did not meet HAMP underwriting standards, due to such things as missing signatures or nonstandard formats;
- 4 borrowers were or are likely to be rejected for undisclosed reasons;
- 1 borrower will not or is not likely to get their payment lowered.
The data comes from the prepared remarks bank officials plan to make Tuesday before the House Financial Services Committee. The testimony was posted Monday on the committee’s website. (Read more)
