Hamp
How to Spin a Failing Program As a Success: The Treasury and HAMP
Perhaps with an eye on the midterm elections, the Treasury Department is spinning hard to change public perceptions that the Obama administration’s main anti-foreclosure initiative, HAMP, is a dud. Although only a handful of homeowners have managed to get mortgage relief under the program, it is a success because it helped stabilize the banking system, agency officials recently told Steve Randy Waldman and other financial bloggers:
On HAMP, officials were surprisingly candid. The program has gotten a lot of bad press in terms of its Kafka-esque qualification process and its limited success in generating mortgage modifications under which families become able and willing to pay their debt. O
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