Stacie Hartman

The Mortgage Blog of Stacie Hartman

HAMP Dropouts Rise In July

The Treasury Department’s monthly report on the Home Affordable Modification Program, or HAMP, shows 48.1 percent of the 1.3 million homeowners enrolled in the government’s mortgage aid program had been dropped by the end of July. The dropout rate at the end of June was 41.2 percent. Launched in April 2009, HAMP was intended to lower mortgage payments of homeowners at risk of foreclosure. Assistant Treasury Secretary Herb Allison said the cancellations were mostly the result of servicers working through a backlog of trial modifications accepted before the program required income verification. Both borrowers and the banking industry have complained of bureaucratic and paperwork problems associated with the troubled foreclosure-prevention effort. More here, here, and here.

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