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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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New Obama Loan Modification Program in the Works


Shahien Nasiripur a news reporter for the Huffinton Post wrote an article that stated that the Obama administration is trying to create a mortgage modification program that would significantly help distressed homeowners with loan modifications.  Obama wants to the 5 largest lenders to modify 3 million customers in the next 6 months.  The reason for this is because he wants to help out all the customer's who had to deal with improper foreclosures and violations of consumer protection laws.  This could cost all the major lenders up to 30 billion dollars. If this were to happen then it is possible that the mortgage industry could finally start the healing process.