SIGTARP is concerned that the number of homeowners who have redefaulted
on a HAMP permanent mortgage modification is increasing at an alarming rate.
Treasury’s data shows that the longer a homeowner remains in HAMP, the more
likely he or she is to redefault out of the program. 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% and 39.1%. HAMP permanent modifications from
2010 also had high redefault rates, ranging from 28.9% to 37.6%.
http://www.sigtarp.gov/Quarterly%20Reports/April_24_2013_Report_to_Congress.pdf
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