There have been a number of federal and state programs to address the housing and foreclosure crisis. While these programs have helped a lot of people and continue to do so, many people that are qualified still have trouble completing these programs.
Over the past ten years, I have worked with hundreds of clients that were facing foreclosure. Many of these people have attempted to apply for and enter into programs such as the Home Affordable Modification Program (HAMP), a federal program set up to help home owners with loan modifications on their home mortgage debt. This program was set up in response to the subprime mortgage crisis and subsequent Great Recession.
The Home Affordable Refinance Program (HARP) allows home owners to refinance their homes and obtain a better interest rate, which can increase their chances of keeping their home. As great as these and other programs are, it has taken a number of years to make sure that qualified applicants successfully enter and complete them, according to an article from July 2015 by Brian Honea on the participation rate of the HAMP program.
Honea states that in 2009, "the Administration estimated the program would help 3 to 4 million struggling homeowners avoid foreclosure and save money with lower mortgage payments. HAMP was originally scheduled to expire at the end of 2012, but has been extended three times. The latest extension allows the program to continue until the end of 2016."
It turns out that the program has directly helped approximately 1.5 million home owners. The number one reason for denials of applications by borrowers is incomplete paper work and/or documentation. This has been streamlined and simplified in order to make the process more productive. A number of other modifications to the program have been made to make the program more successful.
As these changes have been made the program is continuing to help a higher and higher percentage of those facing foreclosure. As the program has become more streamlined and efficient, it would be wise to continue the program past the end of 2016 and possibly make it a permanent program. There will always be those that are delinquent on their mortgages for a variety of reasons. Keeping this program funded and in place would help those people stay in their homes.
It would be a shame to end these programs just as they have become more and more efficient and effective.
FULL STORY: Treasury Clarifies HAMP Participation Numbers
The Last Days of the Home Affordable Modification Program
The Washington Post takes stock of the Home Affordable Modification Program (HAMP) in its final days, finding a program hampered by bad faith from large banks and bad oversight by the Treasury Department.
Time for a Federal Gas Tax Holiday?
Senate Democrats introduced legislation to lower gas prices by suspending the federal gas tax through the end of the year. General funds would be directed to the Highway Trust Fund to replace gas tax revenue.
White House Announces Plans for 100,000 Affordable Homes
The Biden administration has proposed a suite of policy and funding programs designed to create and protect 100,000 affordable housing units. If successful, the program will still fall well short of the need.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Ken Jennings Launches Transit Web Series
The Jeopardy champ wants you to ride public transit.
Driving Equity and Clean Air: California Invests in Greener School Transportation
California has awarded $500 million to fund 1,000 zero-emission school buses and chargers for educational agencies as part of its effort to reduce pollution, improve student health, and accelerate the transition to clean transportation.
Congress Moves to End Reconnecting Communities and Related Grants
The House Transportation and Infrastructure Committee moved to rescind funding for the Neighborhood Equity and Access program, which funds highway removals, freeway caps, transit projects, pedestrian infrastructure, and more.
From Throughway to Public Space: Taking Back the American Street
How the Covid-19 pandemic taught us new ways to reclaim city streets from cars.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Heyer Gruel & Associates PA
Ada County Highway District
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service