The Obama administration is revising redefault data released last week in relation to the Home Affordable Modification Program (HAMP). The data – which showed that less than 6% of HAMP permanent modifications were 60+ days delinquent six months after modification and less than 2% of modifications were 90+ days delinquent – had been disputed by several analysts, including Barclays Capital, which called the numbers ‘misleading.’
The data was replaced this week with the following statement: ‘Since the July 20th release of the HAMP report, program administrator Fannie Mae has reported an issue in its reporting of permanent modification performance. Fannie Mae is revising the data, and Treasury has retained a third-party consultant to provide additional review and independent validation.’
The update will be available on the www.financialstability.com website.