HAMP--Home Affordable Modification Program--is part of the U.S. Treasury's Home Affordability and Stability Plan that was announced last March. In a nutshell, HAMP was established to encourage lenders to modify mortgages so that payments were no more than 31% of a homeowner's gross monthly income. At the time, many Americans hoped the program would prevent the wave of foreclosures that threatened to take away home from many families as well as threatened equity for many homeowners.
While we have yet to get any definitive statistics from Treasury regarding permanent modifications, the anecdotal evidence that is starting to trickle in does not look promising. If you are paying attention to my Tweets, you will have seen many articles that document this evidence.
