Firm Commentary: – The U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development extended the Obama Administration’s Making Home Affordable Program through December 31, 2015. The new deadline now coincides with the Federal Housing Finance Agency (FHFA) extended deadlines for the Home Affordable Refinance Program (HARP) and the Streamlined Modification Initiative for loans owned or guaranteed by Fannie Mae and Freddie Mac.
HAMP is the key component to the Obama Administration’s efforts to provide relief to families at risk of foreclosure, the common sense option of “judicial modification” failed to pass the U.S. Senate in 2009. Under HAMP, loan servicers, not loan investors or bankruptcy courts, generally decide which homeowners receive modifications…and get paid tens of millions of taxpayer dollars. The Fox continues to watch for the Chickens…and Chickens get to pay for it. In case you haven’t noticed, this is our casino capitalism version of democracy.