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HAMP Failed To Meet Government Expectations

Mortgage News > HAMP Failed To Meet Government Expectations
Date: 12/29/2010    HAMP Failed To Meet Government Expectations

President Obama’s Home Affordable Modification Program, or HAMP, was organized in 2009 in an effort to aid homeowners nation wide modify their current loans and remain in their home.  HAMP was created with the hopes of helping three to four million borrowers where as now the program is only expected to give aid to roughly 700,000 to 800,000 borrowers.

Federal bank regulators reported Wednesday that almost 60,000 home loans were modified using HAMP in the third quarter, where as about 175,000 were given aid with programs other than the governments.

Bruce Krueger, a mortgage analyst with the Office of the Comptroller of the Currency, attributes the programs low numbers to the tighter qualification requirements compared to national lenders’ modification requirements.
 

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