Home Affordable Modification Program

The Home Affordable Modification Program (HAMP) is intended to help homeowners cut the amount of interest they are paying on their mortgages. Some say the government’s plan is flawed, and that most consumers need a lot more then just reduced interest payments.

The U.S. Congressional Oversight Panel released a new report that looks at how effective goverment efforts have been at stemming the tide of foreclosures. It expresses concern about the limited scope and scale of the Making Home Affordable program.