Obama Administration Extending Foreclosure Prevention Program Two More Years
Program has helped far fewer people than predicted
The Obama administration on Thursday said it was extending the life of its signature foreclosure-prevention program by two years to help more struggling borrowers keep their homes.
The Home Affordable Modification Program, or HAMP, was to expire at the end of this year.
When it was unveiled in 2009, the administration estimated it would help 3 million to 4 million homeowners avoid foreclosure by reworking loan terms. So far, however, only about 1.1 million homeowners have benefited from a permanent mortgage modification under the program.