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12/04/11

Feds target HAMP scammers bilking owners

"Once again, mortgage servicers are hitting ordinary New York homeowners where it hurts.

The latest evidence is widespread scams tied to the Home Affordable Modification Program, or HAMP, which was supposed to help up to 4 million troubled borrowers avoid foreclosure.

Servicers, which manage loans day to day, have collected a cool $666 million from the government for participating in HAMP. Too bad servicers make the HAMP application process so difficult for the ordinary homeowner, they’ve opened the door to bogus “experts” who claim to help — for a big fee. [...]"

To read the full article at NY Post, click here.