The administration released new numbers Friday on its principal foreclosure prevention initiative, the Home Affordable Modification Program (HAMP). Housing analysts and market observers say the results are disappointing at best.
The latest performance report shows that nearly half of the homeowners approved for trial modifications have fallen out of the program. As of the end of July, 616,839 HAMP trials have been canceled, out of the 1,307,489 trials started since the program began.
The government and “distressed” homeowners are seeing Short Sales more and more as a viable option. Statistics like these released Friday compliment our feelings that the free market and capitalism will ultimately provide the solution to this unprecedented market correction.
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