From Moody’s: Latest US Treasury Department Shows HAMP experiencing”extremely low conversion rates” (i.e. Not helping that many people.)
Just as we feared (and knew all too well.)
Here’s a little blurb of an article that explains the situtaion:
The most recent Home Affordable Modification Program (HAMP) report released by the U.S. Treasury shows “extremely low conversion rates” from trial to permanent modifications, with success just a 50/50 gamble, according to commentary from Moody’s Investors Service.
As of the end of April, servicers participating in HAMP had converted almost 300,000 permanent modifications. However, they had also canceled 277,640 trial modifications. Moody’s says this represents approximately a 50 percent success rate. The report also shows 3,744 permanent modifications have been canceled.
You can read the rest of the article here .