Wednesday, August 25, 2010

HAMP Cancellations Reach Nearly 50%

Nearly half of the borrowers who have entered the Home Affordable Modification Program (HAMP) have fallen out, with servicers having canceled more than 100,000 trial and permanent modifications in July, the Obama administration reports in its latest housing scorecard. Of the approximately 1.3 million borrowers who have enrolled in HAMP since its inception, nearly 630,000 have been canceled out of the program.