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According to records HAMP has failed at generating the initial guaranteed 3 to 4 million permanent loan modifications. Actually HAMP has surpassed its one millionth trial or permanent mortgage modification between June 2010 and July 2012. The Treasury reports that 770,834 borrowers either did not qualify for the program during that period, or failed to finish a 90 day trial. Additionally, 229,185 permanent modifications redefaulted after making the first three consecutive monthly payments during their trial process.noticeable it’s one millionth failing this drop. HAMP is the acronym Home Affordable Modification Program.

According to the Treasury assessments that one in three HAMP trial modifications are unsuccessful and the permanent modifications typically are put into another bank modification program, and nearly 16 % of all temporary or "trials"  end in the property being foreclosure.

So why the huge failure? One reason has been attributed to many of the servicers staff appear to be improperly trained and show a negative  attitude when speaking with distress homeowners. It has also been reported that management by Treasury of the big financial institutions in complying with HAMP.

It has been projected that only one third (1/3) of the initially approximated 3 – 4 million property owners will get support. With a price of over $75 billion dollars. It indicates that the cost of this programs to us taxpayers is roughly $75 thousand dollars per assisted homeowner.

Only time will tell if the system was worth it.

Is the HAMP Program Considered A Failure? |Carson |Leesa Hammond

Is the HAMP Program Considered A Failure? | Carson | Leesa Hammond

Is the HAMP Program Considered A Failure? | Carson | Leesa Hammond

Is the HAMP Program Considered A Failure? | Carson| Leesa Hammond

Is the HAMP Program Considered A Failure? | Carson | Leesa Hammond

So you've probably heard that Freddie Mac is once again asking for federal aid. They showed a $4.1 billion loss in the third quarter and are now requesting another $100 million in aid. All told, it's estimated that the bailouts will cost taxpayers $259 billion.

As an agent that focuses largely on short sales, I continually see the ways that Freddie Mac gets in their own way. They are asking for this aid, but they have put themselves into the situation that requires aid. I have had several files where we sent in a short sale offer that was rejected because Freddie Mac felt it was too low. I felt it was a very good offer, but Freddie's rejection sent the file into foreclosure. Don't they understand that foreclosing on a home is exponentially more expensive than a short sale? They are putting themselves in a situation that results in an even greater loss, therefore resulting in their need for a bailout. Their own greed is their downfall, and that of us the taxpayers. These bailouts need to stop because they are only hurting the people paying the bills.

I sent a letter to both my local representative and Barney Frank, who is a member of the House Committee of Financial Services, asking them to deny Freddie's bailout. They've had enough chances and are only in their situation because of their own making. Send letters to your representatives as well and voice your opinion!