Internationally mortgage rescue schemes have been an abject failure from the perspective of using the success of their mission statement and intended scope as a gauge.
In researching this blog I spoke to representatives from The Association of Mortgage Intermediaries in the UK, the Mortgage Bankers Association of America, and Loan Value Group, they all had similar sentiments on rescue schemes to date.
The ‘Homeowner Mortgage Scheme in the UK planned to help 42,000 borrowers when it was set up in early 2009, to date it has helped 34. That is less than 1:1000 of the intended group.
Mortgage Rescue Help was another plan in the UK, that was meant to assist about 6000 in the short term, the actual figure as of Q3 2010 was 629 or about 1:10 of the intended target group.
In the USA the ‘Home Affordable Mortgage Programme’ (HAMP) was aimed …