Community Bank, Credit Union Join HAMP

Posted by Orb Staff on July 15, 2009 No Comments
Categories : Mortgage Servicing

Mae has entered into Home Affordable Modification Program (HAMP) contracts with two more servicers, the Treasury announced Tuesday. The newest additions to the federal foreclosure-prevention plan are Lake National Bank of Mentor, Ohio, and IBM Southeast Employees' Federal Credit Union of Delray Beach, Fla. Lake National's incentive payments are capped at $100,000, and IBM Southeast Employees' payments are capped at $870,000. According to the Treasury's latest TARP transaction report, 27 servicers have entered HAMP, and the total incentive cap currently stands at $18.66 billion. SOURCE: FinancialStabil

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