Currently, the FDIC has estimated that 5% of homes in America are currently in foreclosure. Finding a solution to this economic catastrophe is complex and will depend on many solutions working together. It's unfortunate that so many homes are in foreclosure, but we are very fortunate to have a government that has been so generous in bailing out the banks in times of need and helping families stay in their homes by modifying their mortgages. The Obama administration launched the Home Affordable Modification Program (HAMP), which provides counseling and loan modifications to homeowners who wish to modify their mortgage and remain in their primary residence. Homeowners can receive free assistance through HAMP provided by the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) at the website www.makinghomeafordable.gov. This website is a great source for ending foreclosures in America, but statistics provided by the Obama administration show that only about 20% of requested loan modifications are in a permanent phase and save homeowners more of $6,000 per year in mortgage payments. HAMP determined that this figure met program expectations. The HAMP program is effective, but slow. It is clear that there is still room for improvement in this program as we see that homes are still being foreclosed and 80% of mortgage modifications in the United States still do not have a permanent mortgage. To help HAMP cope with the overwhelming workload of mortgage modifications, it would be very beneficial to expand the designated responsibilities to each state. The benefit of extending accountability to each state will increase the effectiveness of the HAMP program and...... middle of paper ......e in our countries' lending and spending. There is no doubt that thanks to the diligent efforts of the Obama administration, America's foreclosure crisis will soon be a distant memory. The addition of HAMP Mortgage Advisors located in rural and urban areas will also create jobs which, in turn, will drive spending in our great country. New regulation and supervision of bank lending will make more housing affordable for more Americans. Just as every electrician has municipal codes to follow and municipal inspectors to answer to, our banks must also have codes and officials to answer to. It is quite unfortunate that the banks have been so "creative" in their lending that they now have to be supervised by the government. Our great country is so young that this brief economic crisis will be a lesson learned, and economic lending and spending will prosper without further delay..