Expect Millions Of Foreclosures
Washington, DC — The loan modification that was supposed to offered to homes going into foreclosure does not appear to be working. Michael Barr, assistant Treasury secretary for financial institutions, said, “The recent crisis in the housing sector has devastated families and communities across the country and is at the center of our financial crisis and economic downturn.” He went on to say, “even if HAMP (the Home Affordable Modification Program) is a total success, we should still expect millions of foreclosures.”