Will Obama Delay All Foreclosures?

25 February 2010 No Comment

Obama may not only delay all foreclosures, but he may ban them, until they've been screened by the Home Affordable Modification Program or HAMP.

: Image via Wikipedia

Wwhat? Is this for real?

Apparently, but it hasn't been made public yet, officially. That's according to Meg Reilly, Treasury spokeswoman.
Okay, so how did we find out about it?
Also- what will happen next? Will the banks balk? How far can the government really go on this? Why have only a little over 100,000 distressed homeowners been helped by HAMP so far?

Here is some more news and reaction from around the Net.

Obama Foreclosure Program Shows Slight Gains, Though Troubling …

But with another 754000 homeowners enrolled in temporary plans, nearly three out of five homeowners eligible for the Home Affordable Modification Program have received at least temporary help in staving off foreclosure. "HAMP is doing …

Obama's HAMP Misery Continues | Mother Jones

Now while HAMP wasn't created to address all kinds of foreclosures (which is arguably one of its flaws), a program with $75 billion in taxpayer funds behind it should do far more than help a meager 116000 homeowners almost a year later. …

The Jawa Report: Obama May Prohibit Home-Loan Foreclosures Without …

Obama May Prohibit Home-Loan Foreclosures Without HAMP Review. Isn't this interferring in a private contract? Bloomberg. – The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans …