Congressional Oversight Panel Slams HAMP

By Kyle Chezum Updated on 12/14/2010

12/14/2010

The Congressional Oversight Panel claims that the US Treasury Department has done an ineffective job managing the Home Affordable Modification Program.  "If current trends hold, HAMP will prevent only 700,000 to 800,000 foreclosures -- far fewer than the three to four million foreclosures that Treasury initially aimed to stop, and vastly fewer than the eight to 13 million foreclosures expected by 2012.”

Tim Massad, a Treasury spokesperson, claims that the critique fails to account accurately for the economic benefit that the more than 500,000 successful modifications have created.  “That’s a lot of people,” he said.

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