Just as the former president was dislocating his shoulder patting himself on the back for the economic recovery the nation has been experiencing in the last year, a scathing paper has come out titled, “Foreclosed: The Destruction of Black Wealth During the Obama Presidency.”
It makes for some interesting reading. After reviewing the cause of the housing bubble and the money showered down upon the banks to keep them from folding, the authors discuss the two programs started under Obama, HAMP (Home Affordable Modification Program) and HARP (Home Affordable Refinance Program). The latter program, HARP, they believe was too little. The former program, HAMP turned out to be so poorly conceived, implemented and overseen that it actually forced more people to lose their homes than would have occurred if the program had never existed.
You can read for yourself within the section titled, “The Failure of HAMP,” starting on page 7.