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Foreclosures are expected to increase as more Americans drop out of HAMP

The Obama administration’s Home Affordable Modification Program aimed at providing relief to distressed homeowners does not seem to be having its intended effects, according to the Associated Press. As more Americans are forced to drop out of the program, the number of foreclosures in the U.S. is expected to climb.

To date, the $75 billion program has seen nearly one-third of its 1.24 million initial applicants drop out or face disqualification, making the number of people that have left the program higher than the number of Americans that received permanent mortgage modification loans under HAMP, the AP reports. Read the full post