The Home Affordable Modification Program (HAMP), a federal government initiative launched in March 2009, resulted in about 467,000 permanent mortgage modifications by September 30, 2010. Almost 700,000 trial modifications were cancelled after failing to become converted to permanent status, 28,000 permanent modifications were canceled due to missed payments, and 173,000 trial modifications were still being processed.
These figures are from the most recent quarterly report to Congress by the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP). The SIGTARP report includes an analysis of how HAMP has affected loan servicing. It also criticizes aspects of the program, including its lack of benchmarks for permanent modifications.
