John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... Although a federal program has helped 500,000 homeowners across the country facing foreclosure modify their mortgages, a report was released today saying the current programs in place will not help the next wave of foreclosures caused by job losses.
The Home Affordable Modification Program, or HAMP, wasn’t designed to deal with the new round of foreclosures of homeowners defaulting on prime loans because of job losses and from Adjustable Rate Mortgages re-setting, according to two of the three members of the Troubled Asset Relief Program’s Congressional Panel, the Wall Street Journal reported.
“We knew the second shoe was going to drop,” as more people lose their homes with their jobs, Ed Jalowsky, owner of Hottest Homes Realty, told me earlier this week.
