Hamp is a Band-Aid; HAFA is an Exit Strategy

Special Inspector General for the Troubled Asset Relief Program , Neil Barofsky , criticized government claims of success in achieving permanent modifications under HAMP as unsubstantiated. He cautions the Treasury to keep close tabs on businesses receiving bailout funds, while one congressman accuses the administration of using programs like TARP as a “personal slush fund” states Nuwire.

Clark County adopted a code in June that requires owners to submit a plan for rehabbing their properties or face a $1,000-a-day penalty, said Joe Boteilho, the county’s chief code enforcement officer. The county has the authority to place a lien on the property if the penalties aren’t paid, according to the Las Vegas Sun.

The Home Affordable Modification Program (HAMP) was created pretty early on in the housing and economic crisis. It was created to help people stay in their home by making their payment more affordable. The effort was laudable. How could anyone not be in favor of keeping people in their home? What it doesn’t address, through no fault of its own, is whether or not the people want to stay in their home states Housing wire.

Published by Stout Law Firm

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