Troubled Asset Relief Program : Further Actions Needed to Fully and Equitably Implement Foreclosure Mitigation Programs

United States. Department of the Treasury; Home Affordable Modification Program (U.S.); United States. Government Accountability Office

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Title:

Troubled Asset Relief Program : Further Actions Needed to Fully and Equitably Implement Foreclosure Mitigation Programs

DATE: June 24, 2010

AUTHORS:

ABSTRACT:

Congress created the Troubled Asset Relief Program (TARP) to, among other things, preserve homeownership and protect home values. In March 2009, the U.S. Department of the Treasury (Treasury) announced the Home Affordable Modification Program (HAMP) as its cornerstone effort to achieve these goals. This report examines (1) the extent to which HAMP servicers have treated borrowers consistently and (2) the actions that Treasury has taken to address the challenges of trial modification conversions, negative equity, redefaults, and program stability. GAO obtained information from 10 servicers that account for 71 percent of HAMP funds and spoke with Treasury, Fannie Mae, and Freddie Mac officials.

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United States. Department of the Treasury , Home Affordable Modification Program (U.S.) and United States. Government Accountability Office. Troubled Asset Relief Program : Further Actions Needed to Fully and Equitably Implement Foreclosure Mitigation Programs , Washington, D.C.: U.S. Govt. Accountability Office, June 24, 2010, https://fraser.stlouisfed.org/title/5048, accessed on April 19, 2024.

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ALTERNATE TITLES:

Further Actions Needed to Fully and Equitably Implement Foreclosure Mitigation Programs
HAMP Implementation Status

NOTE:

GAO-10-634.

PUBLISHER: U.S. Govt. Accountability Office

PLACE: Washington, D.C.

DIGITAL COPY SOURCE: U.S. Govt. Accountability Office

SUBJECTS:

THEME:

Financial Crisis of 2007-2009