Obama May Prohibit Home-Loan Foreclosures Without HAMP Review

(BLOOMBERG) — The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government’s Home Affordable Modification Program.

The proposal, reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed,” according to a Treasury Department document outlining the plan.

via Obama May Prohibit Home-Loan Foreclosures Without HAMP Review – Bloomberg.com.

PID COMMENT: Is this to protect homeowners or banks?

Be the first to comment

Leave a Reply

Your email address will not be published.


*