People are starting to notice.

HAMP (the Home Affordable Modification Program) is still in the dog house. At this point, the effort should, by estimates that helped launch the program with much fanfare, have helped almost four million homeowners.

Take a guess at how many it has actually helped complete loan modifications? 1 million?

Nope, you’re still too high. Only a paltry 587,000 U.S. homeowners have managed to evoke the aid of HAMP to restructure their loans.

That leaves a lot of homeowners without a roof over their heads.

There’s not much time left to make this all look better before mid-term elections, which are shaping up as a doozy.

But wait! What is this? Reuters is reporting that there could be some kind of light at the end of the tunnel – for mortgage holders, that is.

The one place where everyone agrees relief could come is from some kind of mortgage reset courtesy of the GSEs. And now there are rumblings that such a plan could be in the works.

Color us skeptical.

When the new rules go into effect, unemployment benefits will no longer count as income for determining whether a person qualifies for a long-term reduction in their mortgage payments.

So for people with no income other than unemployment, there will be no loan modifications – the chief tool for preventing foreclosures.

“It’s ridiculous how impractical the guidelines … are,” said Al Ripley, an attorney with the N.C. Justice Center. “They truly do not address the needs of unemployed people.”

This program is the centerpiece of the $75billion federal effort launched in February 2009 to stem foreclosures. President Barack Obama has said HAMP – the Home Affordable Modification Program – would help 3million to 4million people avoid foreclosure through 2012.

But only about 170,000 homeowners received long-term modifications in the first year. The small numbers drive criticism that the U.S. Treasury program is flawed, and that lenders do a poor job of implementing it.

Read more: http://www.charlotteobserver.com/2010/04/11/1369820/foreclosure-program-falls-short.html#ixzz0kr3caTLS

That according to US REO and cited by an NAACP rep in a recent LA Times editorial. “The money should have gone to direct payments to homeowners, just like they did with the banks.”

Hard to argue with that logic (although US senators and even some authorized to dole out HAMP funds see it differently).

The nonprofit ProPublica has confirmed that only a tiny amount of the HAMP qualified mortgages have been given permanent status – and black Americans are underrepresented.

Even though the rate of foreclosure notices is slowing, according to RealtyTrac, default notices, scheduled foreclosure auctions and bank repossessions — were reported one in every 417 U.S. housing units in November. Up 18% from the same time last year.

Is this recovery? You be the judge! While our leaders are pork-barreling their way into the holiday break… which is likely to be another 20-30 days of time that nothing gets done, you and I are still struggling to get a break, find jobs that can actually support us, and figure out how we are going to pay that $18,000 tuition bill for a child in college after the holidays.

Recession… depression… downturn… whatever snap-label anyone wants to put on it, the economy is still in trouble.

President Obama is expected to have the bill on his desk as early as this morning – and signed immediately!

For those whose benefits have already expired, this extension should automatically kick in, providing immediate relief to those in need!

Further Reading:

• More Help for Jobless
• Unemployment Bill Sent to House
• Senate OK’s Jobless Extension

“From a technical perspective, the recession is very likely over at this point,” Bernanke said in responding to questions at the Brookings Institution. “It’s still going to feel like a very weak economy for some time because many people will still find that their job security and their employment status is not what they wish it was.“

Wait – I thought the God of the Financial World said the worse is past?!

Typical two-sides speakeasy from another appointed Politician!

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Calculate the interest on your credit card debts and transfer it accordingly. We recommend this method for students because your credit card debts are probably low enough that the additional interest won’t be enough to make up for the danger you might face with having to keep up with numerous payments. When God’s people eliminate credit card debts they are choosing to honour God’s hope for a sound financial life.

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Christopher Stone is the author of this article. DebtConsolidationLoans2U.com provides debt resources and asks can you be sued for credit card debts

I wonder what will happen when these talking heads come out of their hole and look at how the real world, you know.. the 10% of citizens that are unemployed, the 20% that are un, or under employed, or how about the rest of us who are burning through savings faster than Micheal Jackson fans buying a copy of Thriller!

Stop the Presses – We are Out of the Recession

According to Larry Summers:

The number of people searching for the term “economic depression” on Google is down to normal levels, Summers said.

Obviously, Larry needs to step out and get a bit more insight to what middle class Americans are feeling. Even though a Google search volume metric may be down, he might want to look at some of the searches that are UP!

Lets Jump into Google Trends

Economic Depression vs Unemployment

Oops – Missed on that one Larry! Link

Economic Depression vs Part Time Job

Yup – missed that one too – look like more people are looking for a part time job also! (link)

Economic Depression vs Sell House

Looks like more people are selling their homes, bucking the trend of several years, when it usually slows before now! (link)

Economic Depression vs Bankruptcy!

Last but not least… look how the search for bankruptcy has trended! Oops, going the wrong way Larry! (link)

Bottom Line

If our Gov’t is using google data to determine the state of the economy in the US – please tell me where to apply for a job!

The Credit industry is doing its best to sap every penny out of americans, which is evident by the latest round of rate increases and available credit reductions by Citibank. Even myself, with fantastic credit and a never-late history on our credit cards, got the letters from both Citi and Amex, telling us they had reduced our line and increased our rates!

Our Government Continues to Expand!

While everyone suffers through bankruptcy and record foreclosure rates, our US Government continues to spend like mad, bailout businesses in back-office deals that we never hear about, and add new departments, commissions and any other way they can spend the tax money we pay.

Is it time for another Revolution to clean out Washington?