Arizona Real Estate News Access
All the real estate and mortgage news you need to know in Arizona
03/14/10
The complaints about the success — or lack thereof — of the Home Affordable Modification Program (HAMP) are getting louder.
By all accounts, the program is far less successful than government officials had hoped. Out of 1 million homeowners who received a temporary loan modification from their lenders, just 116,000 — or 11 percent — have received a permanent loan modification.
But the number of people who have received permanent loan modifications is probably only a small fraction of the entire number of people who either applied for a loan modification under the Obama plan or wanted to. The number is far short of the 4 million homeowners President Obama said would be helped when he announced the program. more…
