The foreclosure crisis continues to languish despite the efforts of the Making Home Affordable Program (HAMP). Millions of families are losing their homes and millions of more homeowners are negatively impacted as a result of this failure.
While HAMP is well intentioned, lenders are responsible for self administering the program with limited reporting requirements to the government. This lack of oversight, accountability, and enforcement guidelines has resulted in a lenders making ineffective and negligent reviews for borrowers. The number of modifications produced by these lenders falls woefully short of goals or expectations initially set by HAMP.
This ineffectiveness can be solved by relieving lenders of HAMP loan review and placing that review with an independant third party
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