Which is worse: HAMP or Wells Fargo?

(Via Felix Salmon)

As if further proof was needed - when banks and governments jointly declare their eagerness to "help homeowners" - that's the time to put them under the frigging microscope until they scream for mercy:

[David Lazarus] is telling the story of Mike and Ellen Kahara, who signed up for a HAMP mortgage-modification program through their lender, Wells Fargo. They made all their HAMP payments in full for the three-month trial period, and then continued to make payments as Wells dawdled over whether or not to make the loan-mod permanent.

Eventually, on August 11, Wells Fargo sent the Kaharas a letter saying that the bank had rejected their application for a permanent loan modification. That’s bad enough — but the bank made matters infinitely worse by then turning around and selling the Kaharas’ house, in a foreclosure sale, just five days later, on August 16.

And yes - it gets worse from there.