Banks are foreclosing on American homeowners at a much faster rate than the Obama administration’s effort to stop the crisis can handle.
Though the Treasury Department’s Home Affordable Modification Program, or HAMP, has now started their mortgage modification process on nearly 760,000 homeowner’s properties that are at risk of being taken, less than 5 percent of the workouts have actually become a permanent fix, government data shows. So for ninety five percent of those in trouble it is something of a false hope.
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