The government announced in early 2009 its housing program, entitled the Home Affordable Modification Program (HAMP). Money was allocated for the modification of home mortgages, and mortgage holders in trouble were invited to apply to HAMP for help. But only a small proportion of the money was spent and few potential homeowners were helped. The problem was that the banks involved with HAMP rejected more than seven out of every ten homeowners who applied. Citibank denied 87 percent of its HAMP requests.
