Fourteen and counting. That’s the number of federal loan modification
programs currently in place, each one targeting financially stressed
homeowners to help them stay current on their mortgage payments and
avoid foreclosure.
Fourteen is also a rough estimate of the number of homeowners who have actually benefited from these programs. That’s obviously an exaggeration, but the point remains.
Since September 2008, when the collapse of the housing market caused a credit crisis that led to a worldwide financial panic, an estimated 3.5 million U.S. homes have completed the foreclosure process, according to real estate research firm CoreLogic.
The record number of foreclosures has rippled through the broader economy with devastating results.
In response to the flood of foreclosures, the government has introduced, updated and or modified a veritable alphabet soup of loan modification programs -- HAMP, PRA, HARP, HARP 2.0, HHF, etc… -- most of them aimed at coaxing lenders and mortgage servicers into reworking home loans at more favorable terms.
The reasons can be debated but the results cannot: the programs have been remarkably ineffective.
Fourteen is also a rough estimate of the number of homeowners who have actually benefited from these programs. That’s obviously an exaggeration, but the point remains.
Since September 2008, when the collapse of the housing market caused a credit crisis that led to a worldwide financial panic, an estimated 3.5 million U.S. homes have completed the foreclosure process, according to real estate research firm CoreLogic.
The record number of foreclosures has rippled through the broader economy with devastating results.
In response to the flood of foreclosures, the government has introduced, updated and or modified a veritable alphabet soup of loan modification programs -- HAMP, PRA, HARP, HARP 2.0, HHF, etc… -- most of them aimed at coaxing lenders and mortgage servicers into reworking home loans at more favorable terms.
The reasons can be debated but the results cannot: the programs have been remarkably ineffective.
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