Skip to main content
The Law Offices of Mayer & Newton

East Tennessee Bankruptcy Law Firm

  • Knoxville
  • •
  • Morristown
  • •
  • Sevierville

Mayer & Newton Bankruptcy Specialists - At the Law Offices of Mayer & Newton

Schedule Free Consultation
865.588.5111
  • Home
  • Our Firm
    • Attorney Profiles
  • Locations
  • Resources
    • Affiliations
    • Blog & News
    • Bankruptcy FAQ
    • Bankruptcy Terms
    • Videos
  • Payment Options
  • Contact Us
The Law Offices of Mayer & Newton

East Tennessee Bankruptcy Law Firm

  • Knoxville
  • •
  • Morristown
  • •
  • Sevierville
Schedule Free Consultation

**OPINION PIECE**Obama’s Micro-Mismanagement of HAMP Equates to “Can-Kicking Stupidity”

February 26, 2010 in Banking and Finance, Best Of The Storm by Mike Shedlock

When a program is badly flawed and not working, the rational thing to do is scrap it. Given that HAMP (Obama’s Home Affordable Mortgage Program), is a complete failure, someone thinking clearly would kill the program.

Instead, president Obama, acting like the typical bureaucrat, wants to massively expand it. Please consider Obama May Prohibit Home-Loan Foreclosures Without HAMP Review.

The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government’s Home Affordable Modification Program.

The proposal, reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed,” according to a Treasury Department document outlining the plan.

The proposed changes would prohibit lenders from initiating new foreclosure actions before loan screening by HAMP and would require lenders to halt existing proceedings for borrowers once they are in a trial repayment plan.

Program Has Failed

Read more here.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Locations

  • Knoxville
  • Morristown
  • Sevierville

Quick Links

  • Blog & News
  • Court Locations
  • Privacy Policy
  • Sitemap
Text Us Now
Make a Payment
Follow Us on FacebookFollow Us on TwitterFollow Us on LinkedInFollow Us on RSSFollow Us on YouTube

© 2019 Mayer & Newton Bankruptcy Specialists. All Rights Reserved.
Custom Site by VIEO Design