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HAMP's Progress Remains Sluggish, Officials See Other Gains in Housing
 HAMP's Progress Remains Sluggish, Officials See Other Gains in Housing
Fewer than 500,000 homeowners have received loan modifications through the federal government's headline foreclosure prevention program and are current on their new mortgage payments since the initiative was launched in March 2009.Critics of the administration's Home Affordable Modification Program (HAMP) point to the fact that over the same period, over 5 million homes received a foreclosure filing and nearly 2 million have been repossessed.
Treasury's released new data Thursday on HAMP's progress so far. Trial mods transitioning to permanent status have been averaging about 37,000 for the past six months, but during the month of October, only 23,750 permanent modifications were granted.
Since June, servicers have reported an average of 23,000 new trial starts as they implemented fully verified document collection. Treasury says of active trial modifications, 69,000 have lasted at least six months, down from more than 266,000 at the beginning of the second quarter of 2010.
Treasury has required all servicers to develop action plans to resolve the backlog of aged trial mods, many of which may not make it to permanent status if the track record holds true. More than half (719,487) of the 1,395,543 trial plans started ... more

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