Why Did The Home Affordable Modification Program (“HAMP”) Fail?

The 2009 Home Affordable Modification Program (HAMP) was supposed to help about 3 to 4 million homeowners in underwater or otherwise troubled mortgages by offering substantial financial incentives for loan modifications. The program was well-designed and attractive in theory: applicants had to meet screening criteria to ensure that the most severe cases were prioritized, and all stakeholders faced substantial financial incentives for each successful modification.

via Columbia Ideas at Work : Feature.

 

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