Making Home Affordable Program

The United States released its monthly report on the Making Home Affordable Program today.  As you know, this program provides for "HAMP" modifications.  On one hand, the number of homeowners receiving modifications is absurdly low.  Approximately 25,000 homeowners received a trial or "permanent" modification in September.  Considering 1 in 20 American homeowners is in some stage of foreclosure, that number is obviously grossly inadequate.  The report tells us that 2.96 million mortgages qualify for HAMP.  We are on track for 300,000 modifications per year or 10% of eligible loans?

For the lucky few who get a HAMP modification, 90% remain current with the modified mortgage payment after nine months. 

For the full report, click here.