Bank of America accounts for nearly half of HAMP backlog

HAMP has been a big failure.  First, most homeowners that applied didn't qualify.  Second, the default rate was 75% of the homeowners that did qualify.  Most homeowners simply received private loan mods from thier banks and these also have a high rate of default.

The Treasury launched HAMP in March 2009. So far, the servicers participating in HAMP have started 519,648 permanent modifications and started roughly 1.4 million trials. A borrower is supposed to move out of a trial when it he or she has made three monthly payments under the new terms and has submitted all documentation.

Over the last six months, servicers have averaged 37,000 permanent modifications per month. But they have been on the decline over the past quarter, dropping 16% in September and falling 26% in August

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