More than a quarter of HAMP loans re-default, watchdog says

07/24/2013 | Bloomberg · Charlotte Observer (N.C.), The

More than a quarter of borrowers whose mortgages were modified under the Home Affordable Mortgage Program have again defaulted, says a report from the special inspector general for the Troubled Asset Relief Program. The cost to taxpayers of failed relief efforts has been $815 million, according to the report, which calls on the Treasury Department and servicers to do more to figure out why borrowers are re-defaulting.

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Bloomberg · Charlotte Observer (N.C.), The

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