Causes and Treatment of Foreclosure: A Review of the Obama Administration's Home Affordable Modification Program.

• Main Author: Perkins, Savannah
• Format: Others
• Published: Digital Commons @ East Tennessee State University 2012
• Subjects: Accounting; Business
• Online Access: https://dc.etsu.edu/honors/51; https://dc.etsu.edu/cgi/viewcontent.cgi?article=1055&context=honors

After the recent housing bubble burst, foreclosures ran rampant across the United States. Focused concentrations occurred in Florida, California, Nevada, Utah, and other states. Despite government intervention through many foreclosure mitigation plans, the housing market is still incredibly volatile today. With many plans proving ineffective, the Obama Administration has its hopes set on the Making Home Affordable program (MHA), which is broken down into the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP). This study seeks to evaluate the effectiveness of the Home Affordable Modification Program on overall and individual mortgage servicer levels by assessing changes in effectiveness of the overall program and evaluating each mortgage company’s effectiveness over time.