After a few months delay, we rejoin my ongoing and probably fruitless quest to get a mortgage modification under HAMP, the Home Affordable Modification Program, rolled out with much fanfare by President Obama, wherein he promised it would help four million homeowners to reduce their mortgage payments so they could stay in their houses instead of losing them to foreclosure. Number of at-risk homeowners who have received permanent modifications so far? 549,620. Number of homeowners kicked out of the program? 729,109. Number of permanent modifications cancelled? 44,972. Therefore, actual number of permanent modifications? 504,648. Number of at-risk homeowners jerked around by their mortgage servicers, the Treasury Department, and the White House? 100%. And note, these modifications aren’t actually permanent-the way the name implies- they only last for five years. Meanwhile, there were 3.9 million foreclosures filed in 2010- that is one for every 45 households.
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