HAMP Sees Gains in New Trial Offers and Loan Mods In 1Q11, But Over Half of HAMP Cases Wash Out
May 12, 2011
The much-maligned Home Affordable Modification Program posted modest gains in the number of new trial and permanent modifications started during the first quarter of 2011, according to an Inside Mortgage Finance analysis of data released by the Obama administration. The number of new permanent mods started rose 8.1 percent from the fourth quarter, while the number of new trial mod offers was up 2.2 percent. First-quarter 2011 volume in both categories remained well below the levels set back in early 2010, when the program was still gaining traction. The number of active permanent HAMP modifications rose... [Includes two data charts]