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Home Affordable Modification Program; HAMP; trial period plan; TPP; mortgage crisis; mortgages; homeowner; foreclosure; banks; financial institutions; recession; claim; housing crisis
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The End Of The Home Affordable Modification Program And The Start Of A New Problem, Christopher K. Whelan
The End Of The Home Affordable Modification Program And The Start Of A New Problem, Christopher K. Whelan
Brooklyn Law Review
The mortgage crisis hit the United States hard, leaving millions of homeowners facing hardship and foreclosure. One of many programs enacted during the mortgage crisis was the Home Affordable Modification Program (HAMP). The Obama Administration set out to assist three to four million struggling homeowners in modifying their mortgages and avoiding foreclosure. This note examines HAMP, focusing on the years of litigation that shaped HAMP, giving life to a program that was built on a foundation ready to crack. HAMP provided homeowners with modified mortgage payments, typically beginning with a trial period plan. Once completed, homeowners were routinely denied, resulting …