Monday, November 1, 2010

HAMP becoming more irrelevant

This make you wonder if HAMP is really needed.  
Mortgage servicers modified 119,585 loans through private programs in September, more than four times the 27,840 done through the Treasury's Home Affordable Modification Program, according to the Hope Now alliance.
"While HAMP has provided a road map for other solutions, and is still the first line of defense for a delinquent homeowner, if the borrower is not eligible for a HAMP modification, a proprietary modification is able to fill the gap and offer a viable and sustainable solution to avoid foreclosure, enabling the borrower to stay in their home," said Faith Schwartz, senior adviser for Hope Now.
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