Senator Coats wants his money back

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Indiana Senator says HAMP needs to be scrapped…

 

 

 

 

 

Senator Dan Coats wants his money back

Coats points to $7.7 billion in funds that were allocated to the Home Affordable Modification Program or HAMP, but have not been used.

HAMP was created following the housing crisis in 2008 to help homeowners in financial distress prevent foreclosure. The program had been set to expire in 2012, but was kept alive by the Obama administration.

The Inspector General also noted that the longer participants remained in the program, the more likely they were to re-default on their mortgage. In fact, about half of the earliest HAMP participants ultimately re-defaulted.

Coats alleges the administration ignored reports that said the program was no longer needed and extended it past 2012.