Obama had lofty goals of helping 4 million Americans keep their homes with his Home Affordable Mortgage Program (HAMP).
Here are some quick facts:
- HAMP modified 1.2 million mortgages (70% less than the target)
- 306,000 re-defaults
- Another 88,000 at risk
- The re-default rate is an alarming 30%
- The re-default rate of those in since 2009 is 46%