It is important to remember that as far back as early 2009, homeowners were discovering that HAMP, DID NOT WORK. The above article, written by Susan Abram, was on the front page of the Los Angeles Daily News on Monday, December 7, 2009 and involved research and a recap as to just how ineffectual HAMP had been since earlier in that year.
Because the term Parallel Foreclosure was almost completely unknown back then, it is important to realize that the disconnect between homeowners getting into HAMP before their homes were foreclosed on was almost impossible because the banksters were practicing PARALLEL FORECLOSURE! As the sub headline states, "Process is too slow to save homeowners from losing their houses."
It is fascinating to go back in time and find these articles and realize that the key word, Parallel Foreclosure, was not used even though what the article describes is parallel foreclosure in action. When Did Barack Obama know about Parallel Foreclosure and why, over 10 months after the above article ran, has parallel foreclosure been allowed to go on?
Parallel Foreclosure basically ensured that MOST of the HAMP applicants would not get their mortgage modified, but would face a HIGHER CHANCE OF LOSING THEIR HOME even as the government, and Barack Obama, teased them with HAMP.
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