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One in three homeowners fail to make their HAMP payments

One in three homeowners in three-month trial loan modifications fail to make payments under the government’s Home Affordable Modification Program

This is according testimony made by Molly Sheehan, senior v.p. of housing policy at the lending division of JPMorgan Chase.

Testifying before the House Financial Services Committee earlier this week, Allison said of those that do make payments, 20% do not submit all required documentation before the end of the trial period.

Herbert Allison, assistant Treasury secretary for financial stability, testified that more than two-thirds of those trial modifications will convert to permanent workouts by the end of the year.
Source: http://www.emii.com/Articles/2356636/Banking–Brokerage/Banking–Brokerage-Articles/One-In-Three-Borrowers-Fails-To-Make-HAMP-Payments.aspx

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Related posts:

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