Posted on 08/06/2010 2:52:09 PM PDT by NormsRevenge
WASHINGTON (Reuters) – The Treasury Department on Friday acknowledged that the number of homeowners in trouble again despite getting help from the administration's signature mortgage aid program was higher than earlier estimates.
Treasury officials blamed the error on mortgage finance giant Fannie Mae, which acts as the program administrator for President Barack Obama's $50 billion Home Affordable Modification Program (HAMP), which helps subsidize new terms for borrowers struggling to keep up with their mortgage payments.
Treasury said about 4,764 borrowers, who had obtained a permanent HAMP modification, were behind by at least 90 days, while about 53,041 borrowers were behind by more than 60 days. Those figures compare with initial delinquency estimates of 4,151 and 50,662, respectively, first reported on July 20.
"We are confident that this data table correctly reflects the performance of the permanent modifications over time. Early program results indicate that the vast majority who receive permanent modifications through HAMP benefit from them and remain in the program," said Treasury spokesman Mark Paustenbach.
Treasury on July 20 said that the number of borrowers dropping out the program grew in June at almost twice the pace of those getting a permanent modification. Those figures were not revised.
The dropout rate could signal a rise in foreclosures in the second half of the year at a time when the housing market is still fragile and analysts fear another housing slump could threaten the nascent economic recovery.
(Excerpt) Read more at news.yahoo.com ...
Hey maybe the blacks will get the free house after all. AND A FREE VOLT FOR THE DRIVEWAY TO RUN ON THE FREE ELECTRICITY. Cool.
Maybe they should change the name to Housing Entitlement Mortgage Program (HEMP) instead of HAMP.
Somebody’s smoking something at the WH.
Truth in Advertising .. is all I’m saying..
[homeowners in trouble again despite getting help from the administration’s signature mortgage aid program was higher than earlier estimates. ]
More UNEXPECTED news! I’m just gobsmacked!
and America takes another one in the........
rlmorel
speaking of bull..
I wonder if Michelle has enough time to squeeze in a bullfight or better yet, a bull run? .. on her Spain vacation that is.. PETA probably wouldn’t approve tho. :-)
Oh WOE is me... Why's everybody always pickin on me??? 
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