Countrywide Gains $3.3B Under Adjusted HAMP Incentives

Posted by Orb Staff on June 17, 2009 No Comments
Categories : Mortgage Servicing

easury Department adjusted the allocation of Home Affordable Modification Program (HAMP) incentives for several servicers and added to the total amount for the program June 12, the [link=http://www.google.com/hostednews/ap/article/ALeqM5jLCzENs9CrKgzPalTshubdKkoPcgD98S0GA81][u]Associated Press[/u][/link] reported Tuesday. HAMP was increased by $3.1 billion, bringing the total investment in the program to $18.3 billion. Residential Credit Solutions, Fort Worth, Texas, was also recently accepted into HAMP and can now receive up to $19.4 million. Other shops' incentive caps were changed because the Treasury revised its original estimates, which had been based on publicly available information, Treasury spokesperson Meg Reilly told the AP. The new estimates are based on information provided by the companies themselves. Countrywide saw the largest adjustment, with its incentive cap being raised by $3.3 billion. SOURCE: Associate

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