More than 1 in 4 homeowners who have received permanent mortgage modifications under the Home Affordable Modification Program (HAMP), the government’s flagship mortgage relief program, have redefaulted, according to a quarterly report to Congress cited by DSNews.com.

The failed HAMP workouts that received funding through the Troubled Asset Relief Program (TARP), rather than through Fannie Mae and Freddie Mac, have reportedly cost taxpayers nearly $1 billion alone.

The redefault rate, which TARP’s regulator said is increasing at “an alarming rate,” is highest among the first crop of loans modified under the program. Some 48.3 percent of those loans have reportedly defaulted.

Source: DSNews.com

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription