The US Treasury Department initially estimated that we would spend $50 billion dollars on the HAMP Mortgage Modification Program. So what have we gotten from our $50 billion dollars worth of spending?
According to the July 2010 numbers, less than 400,000 permanent modifications!
That’s your federal government hard at work with your money. So with that much money floating around, what’s the real point of the HAMP program? It seems to me that we’ve only fattened the coffers of the lenders and servicers at considerable expense to US taxpayers.
The HAMP failure is just another example of the total failure of federal government to provide any meaningful help to consumers while at the same time, rewarding the the lenders and servicers that caused this crisis with billions of dollars of your money.
I want our local judges to consider the fairness and equity of throwing their neighbors out on the street and rewarding the architects of the fraud and the crisis that has now infected our courtrooms. I think it especially relevant that our judges consider these acts in light of the fact that the homeowner they are throwing into the street is helping to fund their own dispossession to the tune of the $50 billion in taxpayer funding to the servicers and lenders.