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Privacy Impact Assessment
For the
Home Affordable Modification Program
0MB Unique Identifier 1505-0216
February 26,2010
Contact Point:
Ted Kowaisky
Manager, Data & Information Technology
Office of Financial Stability, Office of Financial Agents
United States Department of The Treasury
1500 Pennsylvania Avenue, NW
Room 8066
Washington, DC 20220
202-927-9445
Ted.Kowa1sky(i);do.treas. gov
Reviewing Official:
Dale Underwood
Privacy Act Officer
Unites States Department of The Treasury
202 622-0874
Dale.Underwood@do.treas.gov
February 26, 2010
Summary
The Department of the Treasury (UST or Treasury), Office of Financial Stability
(OFS) is publishing this Privacy Impact Assessment (PTA) for the Home Affordable
Modification Program (RAMP). RAMP is designed to bring relief to responsible
homeowners struggling to make their mortgage payments, while mitigating the spillover
effects of preventable foreclosures on neighborhoods, communities, the financial system
and the economy. The program also provides clear and consistent loan modification
guidelines that the entire mortgage industry can use. This PTA is being conducted
because RAMP contains personally identifiable information (PIT).
UST established the Making Home Affordable Program under the Emergency
Economic Stabilization Act (EESA) of 2008 to stabilize the housing market. Just as the
American Recovery and Reinvestment Act works to save or create several new jobs and
the Financial Stability Plan works to get credit flowing, RAMP will support the recovery
in the housing market and ensure that borrowers can continue paying their mortgages.
The program is designed to facilitate first and second lien mortgage loan modifications;
provide home price decline protection incentives; encourage foreclosure alternatives,
such as short sales and deeds in lieu of foreclosure and make other foreclosure prevention
services available to the marketplace. HAMP offers assistance to millions of
homeowners who make a good-faith effort to make their mortgage payments, while
attempting to prevent the destructive impact of the housing crisis on families and
communities.
HAMP’s goal is to reduce the amount homeowners owe per month to sustainable
levels to stabilize communities. HAMP will bring together lenders, investors, servicers,
borrowers, and the government, so that all stakeholders share in the cost of ensuring that
responsible homeowners can afford their monthly mortgage payments. Borrower
information is collected by mortgage loan servicers who then disclose that borrower
information to the Financial Agents selected by the UST to administer the overall RAMP
program. Federal National Mortgage Association (Fannie Mae) and the Federal Home
Loan Mortgage Corporation (Freddie Mac) have been designated as Financial Agents of
UST, and are responsible for administering the program and monitoring compliance by
servicers with the program. RAMP operates through a shared partnership between the
Department and these Financial Agents to help those homeowners who commit to make
reasonable monthly mortgage payments to stay in their homes, providing families with
security and neighborhoods with stability.
System Application/General Information
1. What is the purpose of the system/application?
This system of records will facilitate administration of RAMP by the Department
and its Financial Agents, including by enabling them to (i) collect and utilize
information collected from mortgage loan servicers, including loan-level
information about individual mortgage holders; and (ii) produce reports on the
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