"Bank of America has admitted that HAMP's "implicit" purpose is to help the banks that made the fraudulent loans -- not the borrowers."
"HAMP's parallel goal is funneling more money to the banks that induced the fraudulent loans. Data indicates that neither the HAMP modifications nor those undertaken independently by the banks actually benefit homeowners"
What this means is that homeowners are left with a terrible investment, paying a mortgage that is far larger than the value of the home. Because most modifications will lead to eventual default, all they do is to allow the bank to squeeze more life savings out of the homeowner before taking the home. Bank of America wants to be congratulated for such activity.
http://www.huffingtonpost.com/william-k-black/post_1214_b_779193.html
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