Obama Program That Hurt Homeowners and Helped Big Banks Is Ending “When President Obama announced the Home Affordable Modification Program, or HAMP, on February 18, 2009, in Mesa, Arizona, he promised it would assist 3 to 4 million homeowners to modify their loans to avoid foreclosure. Almost seven years later, less than 1 million have received ongoing assistance; nearly one in three re-defaulted after receiving inadequate modifications; and 6 million families lost their homes over the same time period.
