Treasury Prepares Principal Reduction Initiative under HAMP

Treasury is pleased to present the Office of Financial Stability’s Monthly 105(a) Report for March 2010. The Troubled Assets Relief Program or TARP was established by Treasury pursuant to the Emergency Economic Stabilization Act of 2008 or EESA. This law was adopted on October 3, 2008 in response to the severe financial crisis facing our country.

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The Treasury Department intends to triple the incentives offered to investors holding distressed loans to encourage them to participate in reducing the principal for those loans. Under the new.

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Only 168,708 homeowners have received long-term mortgage modifications under the president’s plan, as of February, a small fraction of the 6 million borrowers who are more than 60 days behind on their.

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One of the components of the MHA initiative was the Principal reduction alternative (pra) program. Under the PRA program, some of the principal of a borrower’s loan was forgiven and didn’t have to be repaid as long as the borrower remained in good standing-not more than 60 days delinquent-on a Home Affordable Modification Program (HAMP.

Government Triples Payout to Servicers for Principal Reduction Under Revamp of HAMP.. The U.S. Department of the Treasury will also triple the incentives provided to investors who agree to reduce principal for borrowers by paying from .18 to .63 cents on the dollar, depending on the degree of.

 · HAMP applies to mortgages originated on or before January 1, 2009 and Freddie Mac’s participation in the program is currently scheduled to expire on December 31, 2015. In late 2011 we implemented a new non-HAMP standard loan modification initiative, replacing our previous non-HAMP modification initiative. Modifications under the non-HAMP standard

4 Smart Ideas in the Treasury’s New Principal Reduction Plan.. schedule will be available to lenders in exchange for all principal write-downs under HAMP at the time of a loan modification.

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The Home Affordable Modification Program (HAMP) is designed to help financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. This is done by interest rate reduction, fixing the interest rate, principal reduction or forbearance, and term extension.