Obamas Loan Modification Success Explained

Last Thursday the big news was Obama?s Loan Modification program, Making Home Affordable. The first target the program set out for itself, reaching 500,000 trial loan modifications by November was reached nearly a month early. Critics stated that the target was of little importance in the big picture of things with foreclosures continuing to affect more and more homeowners. Mark Zandi, chief economist for Moody?s Economy.com said the help provided by HAMP was a help on the margin. ?But it is not going to end the foreclosure crisis?. So what should we think of Obama?s HAMP? Is it a success or failure story? The Good. Reaching the target was no mean feat. The first months were painfully slow in reaping loan modifications and many did not think even this first target would be met. The fact t