In early November the Treasury Department is expected to report the results of the first batch of

 loans modified under the Home Affordable Modification Program. 

Currently it seems that one of the major criticisms of HAMP is the pull through rate.  Many clients give up before they get to the end leaving lenders unsuccessful.  Another problem is the fact that many borrowers who have submitted applications are missing paperwork delaying the process and potentially hurting their chances of getting a modification.

Some lenders are hoping that there will be more “cramdowns” done by bankruptcy judges that would give borrowers the ability to modify their loans another way.  Cramdowns could help eliminate the risk of another credit fiasco and keep some homeowners in their homes.