Modified Mortgage Default Rate is Sky-High
home mortgage defaults
The government has spent BILLIONS to lenders, loan serveries, and salaries of administrative staff in an effort to help troubled homeowners. Actually, it seems like a new or modified government real estate assistance program for ‘under-water’ homeowners is announced every month. So, what has all the effort and money gotten us?
The sad fact is the re-default rate within a year is likely to be 65% to 75% under the Obama administration’s Home Affordable Modification Program, or HAMP, according to a report to be released Wednesday by Fitch, a New York-based credit-rating firm.
Under the $50 billion HAMP program, the federal government provides financial incentives to borrowers, loan servicers and mortgage investors for modifying loans.
So, with such dismal results, one would think the government would pull the plug or chance the focus of the program into helping troubled homeowners transaction into renters. But, don’t count on it … HAMP, is scheduled to remain in effect through 2012.
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