Redefaults Continue to Plague HAMP

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Redefaults Continue to Plague HAMP

Redefaults Continue to Plague HAMP

ONE. VICIOUS. CYCLE.


National Mortgage News-

The Home Affordable Modification Program continues to disappoint.

As of Dec. 31, one in three struggling homeowners who received a loan modification through HAMP ultimately redefaulted on those loans, a new report has found.

Meanwhile, the program that was supposed to help some 4 million families avoid foreclosure has helped only a fraction of that amount, according to a report the special inspector general for the Troubled Asset Relief Program, Christy Romero, presented to Congress last month.

[NATIONAL MORTGAGE NEWS]

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