HAMP Mortgages Redefaulting At Alarming Rate: Watchdog

Law360, New York (April 24, 2013, 5:32 PM EDT) -- The number of homeowners defaulting under the Treasury Department's Home Affordable Modification Program is increasing at a rapid level, leaving the program in need of better oversight for sustainable mortgage reduction, the Troubled Asset Relief Program's inspector general said Wednesday.

In its report for the second quarter of its 2013 fiscal year, SIGTARP reported that as of March 31, the Treasury Department had spent less than 2 percent of TARP funds on homeowner relief programs such as HAMP, compared to the 75 percent of TARP funds...
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