Dennis Norman
As readers know, I have been somewhat critical of the Home Affordable Modification Program (HAMP) which is part of the Obama administrations’ Making Home Affordable Program for a few reasons, one is I believe it is just a temporary “band-aid” and not a cure for the problem and two, it does not appear the program is going to help near as many people as the Obama administration initially said it would. Yesterday a report was issued that shows there is progress being made and, through the end of March, a total of 230,000 homeowners have received a permanent loan modification, which is good, but it is not enough to put the program on track to help 3-4 million people by 2012 as originally promised (although as I addressed in a recent post, the administration has changed their position on what was promised).
Highlights from the report:
- HAMP Trials offered to borrowers since inception of program – 1,436,802
- All HAMP Trials Started Since Program Inception – 1,166,925
- 57,000 new trial modifications were added in March, down from 72,000 in February.
- Permanent modfications have been received – 230,801
- Over 60,000 trial modifications converted to permanent modifications in March, and increase from almost 53,000 in February.
- Current Active Modifications (Trial and Permanent) – 1,008,873
- Active Trial Modifications – 780,951
- Active Permanent Modifications – 227,922
- Pending Permanent Modifications – 108,212
- Trial Modifications Canceled – 155,173
- Permanent Modifications Canceled – 2.879
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