Is HAMP Falling Short?
Mortgage modifications under HAMP for December climbed to 66,000 from 31,000 at the end of November, according to the recent Treasury-issued cumulative report.
But basically, HAMP results are at 33,000 permanent modifications per month compared to a year ago, when they were resulting 100,000 per month.
November/December combined approximately 420,000 newly started foreclosures and approximately 170,000 foreclosure sales completed. What does this mean for HAMP ?
The idea was that the Treasury was driven to convert temporary modifications to permanent modifications but has not done so in the expected pace. Currently, of the 728,408 borrowers actively participating in loan modifications a low 4.3 percent have been transitioned from temp to perm modifications. That equates to approximately 31,382, have been converted to permanent status.
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