Tuesday, August 3, 2010

HAMP Steps Into the Spotlight

The administration’s anti-foreclosure plan, the Home Affordable Mortgage Program (HAMP), is no stranger to the media spotlight. The program has been facing a heap of less than shining reviews lately, including reports that the vast majority of participants are deeply underwater in their mortgage, and the questionable metrics some say the administration had used to evaluate the program.

Now, HAMP has stepped into the limelight to push its own message. The Departments of Treasury and Housing and Urban Development (HUD), with some help from the Ad Council, have launched a public service announcement (PSA) campaign to promote the Making Home Affordable Program. Amid horror stories of folks losing their homes as they applied for loan modifications, for some homeowners the incentive to apply for HAMP assistance has declined in recent months.

The administration remains proud of the program, with Treasury Secretary Tim Geithner saying:
“Even though the economy is getting stronger, many Americans are still facing the fear and uncertainty of losing their home to foreclosure. The Administration’s loan modification programs have given more than a million responsible homeowners a chance to stay in their homes, and we want to do all we can to help make sure that struggling homeowners know about these free resources for help.”
By focusing on the program's success stories, the PSA campaign hopes to encourage others at-risk to apply (free of charge with no upfront fee).

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