Will HAMP Become a Foreclosure Nightmare for All?

Analyst: Bill Bradway

August 5, 2009

The foreclosure loan modification process has turned into a nightmare for more than just the affected homeowners. The US government, mortgage servicers and mortgage investors find themselves in a difficult spot and positive progress is difficult to achieve. In March 2009, the government announced its latest initiative. The Home Affordable Mortgage Program (HAMP) is aimed at foreclosure prevention by modifying seriously delinquent mortgages or homes already in foreclosure proceedings. An earlier program, the Home Affordable Refinance Program (HARP) is aimed at selected loans owned by FNMA or FHLMC that might qualify for affordable refinancing in cases where borrowers have remained current on their mortgage payments has struggled to produce meaningful results. This analysis examines HAMP's impact on mortgage servicers and borrowers, foreclosure modification activity, and assesses the outlook for the next 12 months.

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