The HAMP program is a $75 billion federal initiative designed to aid our nation’s economic recovery from the deep financial crisis caused by putting too many borrowers into loans they could not afford. Taxpayer dollars are being spent to prop up the lender/servicers participating in HAMP by paying them incentives to put eligible borrowers into affordable loan modifications to avoid unnecessary foreclosures. HAMP is an important initiative that has the potential to prevent many unnecessary foreclosures that hurt individuals, communities and the national economy. Executed properly, HAMP could provide promise and hope to many. However, in spite of the number of HAMP trial loan modifications started, the vast majority of homeowners estimated to be eligible for HAMP assistance are still without relief.
View the Department of the Treasury: Making Home Affordable Program (HAMP) Servicer Performance Reports