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Barclays Expects Fewer HAMP Defaults

By Implode-Explode Heavy Industries

"The Treasury and the Department of Housing and Urban Development made an adjustment to the program in January 2010, requiring servicers participating in the program to collect all financial documentation from a borrower before moving him or her into the three-month trial. This policy was to start June 1, 2010, but some servicers such as Bank of America (BAC: 15.75 -0.25%) put the policy into place before. This adjustment, according to BarCap has resulted in stronger borrowers entering the program, reducing the chances of re-default."

Full post as published by Mortgage Lender Implode-o-Meter on June 22, 2010 (boomark / email).