The Sacramento Bee reported today that homeowners are still in trouble and still facing foreclosure. That is not news. The news? Billions have been given to the loan servicers and they are still not helping people. In fact, the Government Accountability Office says that the treasury has not done enough to oversee the Home Affordable Modification Program, or HAMP.
This isn’t really news. We have known for a while that servicers were not doing enough to help homeowners. This is just further evidence.
Of course, thanks to the California legislature, California homeowners have fewer options than homeowners in the rest of the country.