4-15-2011: Only about 25% of 2.7 million homeowners (opposed to the 3-4 million promised to be modified) have received permanent modifications, but we're not sure how many of that 25% have redefaulted. Source: http://www.365days365plays.com/365-days-365-plays/7048
4-15-2011: HAMP was established with goal of mortgage relief for 3-4 million homeowners; 75% of homeowners receiving permanent modifications are expected to redefault (no wonder since debt-to-income ratios are about 63%); recent investigations revealed that 7% of 3 million homeowner applications through the five major loan servicers received permanent HAMP modifications; and $2 Billion has been allocated for US Treasury's Hardest Hit fund to help homeowners (some up to 12 months or $15K one time assistance such as in Alabama). Another $1 Billion HUD program will provide non-recourse loan(i.e., a percentage will be forgiven each year for x # of years)up to $50K to "distressed homeowners" in "targeted communities". Source: WSJ, 8-25-2010, A15.
3-1-2011: About 25% (680,0000/2,700,000) of homeowners applying for HAMP (started in 2009) have received loan modifications. WSJ 2-28-2011, A4.
NOTE: Approximately 6.7 million homes were foreclosed between 2000 and 2010.
1-15-2011: Only 170,000 of the 1.1 million homeowners who started the program have completed the loan modification.
11-20-2010: Over 50% of the 1.4 million applicants for HAMP that were approved for temporary modifications didn't qualify for permanent modifications. Neil Barofsky (inspector general overseeing TARP) thinks people were put into foreclosure that shouldn't have been; would have been better off had they never entered the program; and wrongly denied permanent loan modifications.
Update 10-27-2010: Watch the hearing about HAMP's "in"effectiveness - http://www.c-spanvideo.org/program/id/236346
Apparently about 15% of borrowers (398,000/1.3 million) who applied for the HAMP got help...another 520,000 have dropped out and about 45% (234,000) may have received loan restructuring with their loan company...but 286,000 homeowners weren't helped.
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