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“[W]e won’t come close to initial estimates,” Geithner told the U.S. Senate Budget Committee, according to the report.
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He noted that in particular, the incentives the government offered to mortgage lenders in an effort to convince them to change the terms of their most troubled home loans were not strong enough to drive significant renegotiations, the report said.
[Related: Why the Home Loan Mod Program is Failing]
Many have also criticized HAMP and other government mortgage assistance programs as being far too difficult for even extremely troubled homeowners to qualify for. This left many individuals who the programs were originally intended to help out in the cold, despite billions of taxpayer dollars being committed to the projects.
December 13, 2023
Mortgages