[6] Housing speculation also increased, with the share of mortgage originations to investors (i.e. those owning homes other than primary residences) rising significantly from around 20% in 2000 to around 35% in 2006–2007.
These changes were part of a broader trend of lowered lending standards and higher-risk mortgage products,[6][7] which contributed to U.S. households becoming increasingly indebted.
[13] HHF provides targeted aid to home owners in states hit hardest by the economic crisis and works in tandem with HAMP and most MHA programs.
HAMP (and the entire MHA Program) is set to expire December 31, 2016, the last day to submit applications, and the Modification Effective Date must be on or before September 30, 2017.
The program provides clear and consistent loan modification guidelines and includes incentives for borrowers, servicers and investors.
HAMP abides by the following eligibility and verification criteria: At the Greenlining Institute 22nd Annual Economic Summit on May 8, 2015, Mel Watt announced that the program would cease end of year 2016.
Extending HAMP and HARP through the end of 2016 will provide real relief for borrowers who continue to face challenges either paying their mortgage or refinancing their loan."
"[17] As such, "banks participating in the program have rejected four million borrowers’ requests for help, or 72 percent of their applications, since the process began".