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Friday, July 2, 2010

Many HAMP Modifications May Fail

Daily Real Estate News, July 2, 2010

Fitch Ratings Ltd. forecasts that borrowers whose loans are modified under the federal Home Affordable Modification Program, or HAMP, are 65 percent to 75 percent likely to re-default within a year.

Fitch says the failure rate is high because borrowers have too much other debt, including car loans, credit cards, and other obligations.

Officials defend the program, saying that if HAMP saves the homes of one-third of the borrowers, it is a success.

Source: The Wall Street Journal, James R. Hagerty (06/16/2010)
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