Put into place in 2009, the Home Affordable Modification Program (HAMP) and the Home Affordable Relief Program (HARP) has been extended for two more years by the Obama Administration. The Home Affordable Modification Program (HAMP) had the goal of helping 3 to 4 million borrowers avoid foreclosure. So far fewer than one million borrowers are in permanent modifications, and default rates on these modifications are high. As of March 31, 2013, the oldest HAMP permanent modifications, from the third and fourth quarter of 2009, are redefaulting at a rate of 46.1 percent and 39.1 percent. HAMP permanent modifications from 2010...