In a report to Congress on Oct. 26, 2010, Neil Barovsky, the special inspector general overseeing the Troubled Asset Relief Program, which funds HAMP (The Dem's program to help homeowners avoid mortgage bankruptcy), had this to say. The high profile mortgage-restructuring program "has undoubtedly put people into foreclosure". "It's a parade of documentation horrors." Many borrowers might end up "worse off than before they participated." More than half of the 1.4 million borrowers who have been approved for temporary decrease in their mortgage payments under the plan will fall out and have to repay the modified difference to the bank.
As Reagan said, "the scariest words in the English language are, "I'm from the Government and I'm here to help...""
http://online.wsj.com/article/SB10001424052748704805204575594453938527666.html?KEYWORDS=foreclosure+crisis
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