When the foreclosure crisis first came to light the government attempted to provide relief to struggling homeowners. The programs designed to bail people out, HAMP, HARP and Hope for Homeowners have helped some people but in large they have failed. The outcome of the housing crisis is that more homeowners in America are losing their homes to foreclosure and it looks as if preemptive acts will not work. So now the government is stepping in to provide another level of assistance.
The Office of the Comptroller of the Currency has announced that in April they will roll out another program designed to help homeowners, or in this case, people who are no longer homeowners because they’ve suffered a financial loss due to foreclosure abuses by the banks.
The program is not completely defined at this point but is for people who believe they have been a victim of robo signing or other illegal practices that have cost them financially. These people have to be able to document their financial hardship and file with the government to be eligible for this new program. The program itself is not ironed out and there can be serious conflicts of interest in the way it’s currently being established.
Another big problem with the program is that it only looks at homes that are in question from 2009 to 2010. While there were questionable practices during this time period, the window does not cover the time when most subprime loans were put into foreclosure. This means that some people who were most hurt by the banks bad practices will not be eligible for assistance.
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