Friday, June 25, 2010
Last week there was a review of the White House Mortgage modification program, HAMP. The program has been in place about a year now and the results have been considered unsuccessful. To date, about 1.2 million people have applied for mortgage relief. Of that about 300 thousand have had their mortgages modified. Over 400 thousand have dropped out of the program, either giving up or being denied. The credit rating Fitch Ratings is projecting that about 2/3 of the homeowners that received modifications, will ultimately default on their modified loans.