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HAMP to modify up to 4M mortgages by 2012
WASHINGTON (3/26/10)--Testifying before a House Committee on Oversight and Government Reform hearing on foreclosure prevention, Treasury Assistant Secretary for Financial Stability Herbert Allison said that the Administration’s Home Affordable Modification Program (HAMP) is on course to modify as many as 4 million mortgages by 2012. The program aims to help struggling homeowners by modifying their mortgages. According to numbers released last year, a total of 17 credit unions have taken part in the HAMP program. Seven of those credit unions are located in foreclosure-ravaged California. A total of 822,000 homeowners had taken part in the trial phase of the HAMP program as of February, and 32% of those homeowners have been approved for permanent loan modifications, according to Allison. Going forward, Allison said that the Treasury would issue regular reports on compliance activities related to HAMP. Allison also said that the implementation of HAMP “must continue to be improved” and that “program enhancements must continue” for HAMP to “reach its potential.” The Treasury is reportedly considering altering HAMP by imposing a moratorium on certain types of foreclosures, by forcing lenders to delay foreclosures by one month if they denied a borrower a mortgage modification and by considering allowing trial modifications to be extended beyond the current deadline.
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