SIGTARP report reveals massive failure of HAMP

(Source: SIGTARP)

As of Dec. 1, 2009, Treasury began requiring servicers to report information on homeowners who submitted a HAMP application but were denied participation in the program.

Since that time, approximately 1.7 million homeowners were approved to start HAMP trial modifications, while nearly 4 million homeowners were denied HAMP assistance.

“According to Treasury’s data, 70% of homeowners who applied to lower their mortgage payment through HAMP have been denied assistance by their servicer—more than 80 percent denied by some of the largest servicers; that’s roughly four million homeowners, or, in fact, the number of families that Treasury initially estimated would be helped under HAMP,” Special Inspector General Christy Romero said.

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