And rightly so:
The design of HAMP simply kicked the can down the road. It was never designed to be a durable solution for the housing market. And we’re seeing the results: four years after the housing crash, prices keep dropping, distressed properties keep popping up on the market, and people keep losing their homes.
It also shows how the homebuyer’s tax credit was a useless giveaway to people wealthy enough to buy homes, which did nothing to alter the fundamentals of the housing market.
The rest is worth reading, too, here.
