Over the course of the last ten years or so , we have seen homeowners taken advantage of by predators preying on them. Mortgage loans that people could not afford and would eventually be forced to default on and then face foreclosure were being handed out left and right by predatory lenders such as Bank of America, US Bank, JP Morgan Chase, Wells Fargo and GMAC.
These predatory lenders were nothing more than financial vampires , sucking the blood from the American homeowner until there was nothing left. Because of their reckless, unethical and illegal behavior, millions of homeowners have been forced to deal with the horrible ordeal of losing their home to foreclosure. Things got so out of hand the government had to step in and try to do something to help protect American homeowners, so they created HAMP.