HAMP on track to meet goal

More than 110,000 permanent loan modifications were approved under the Obama administration’s Home Affordable Modification Program (HAMP) as of December, according to the U.S. Dept. of the Treasury and the Dept. of Housing and Urban Development (HUD). Under HAMP, more than 850,000 homeowners have had a median payment reduction exceeding $500.

At its current pace, HAMP is on track to meet the goal of assisting 3 million to 4 million homeowners by reducing monthly mortgage payments to affordable and sustainable levels, according to the report.