HAMP Program Success Rate Much Lower Than First Reported

If you've been following the ups and downs – mostly downs – of the federal Home Affordable Modification Program, you know that the HAMP has been one big bottleneck, with just a fraction of homeowners who apply succeeding in getting permanent modifications to their mortgages.

Then two weeks ago the federal Department of Treasury trumpeted some great news about those lucky few who did make it through the process: as of June a tiny number of them, fewer than 6 percent, were ending up seriously behind on their mortgage payments after six months, with payments 60 days late or more.

Mission accomplished? Not quite.