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Showing posts with the label home ownership

What Happened with HAMP?

In a quote he offered to  The New York Times, one which was employed in a story that appeared on April 26th,  former US Treasury Secretary Timothy Geithner suggests a revisionist account of a piece of recent history, the Home Affordable Modification Program (HAMP). Within hours, Neil Barofsky took note of this revisionism. He told his twitter folowers, "Geithner seems to deny account told by both me and @senwarren on HAMP." So I sat up and took notice. Barofsky, a former Treasury official, wrote a book on the rescue of Wall Street, in 2012, simply named, Bailout. HAMP is only one aspect of that book, but Barofsky does describe Geithner in unflattering terms. Geithner saw HAMP not as a way of helping besieged homeowners, but as "an aid to the banks, keeping the full flush of foreclosures from hitting the financial system all at the same time." The idea was to extend and pretend: extend the time in which homeowners are allowed to hang on to the negative-...