Congressional Oversight Panel Blasts HAMP

The Congressional Oversight Panel (Cop) took aim at both the Treasury Department and loan servicers in a report issued Tuesday on the performance - or lack thereof - of the Home Affordable Modification Program (HAMP). The Panel even had a little blame left over to throw at Fannie Mae and Freddie Mac. COP issued its last report in April and at that time raised serious concerns about the timeliness, accountability, and sustainability of Treasury's efforts, saying that administrators were still struggling to get the program running but that, even when it was operational, it would probably fail to reach the overwhelming majority of homeowners in trouble. Since then, the current report says, Treasury's modest changes "have not resolved the Panel's core concerns." It now looks, the report says, as...(read more)

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Source: http://www.mortgagenewsdaily.com/12142010_hamp_foreclosures.asp

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