Treasury Readies HAMP Changes For Next Week

Posted by Orb Staff on January 22, 2010 No Comments
Categories : Mortgage Servicing

The Treasury Department is expected to make more changes to its faltering Home Affordable Modification Program (HAMP) next week, The New York Times reports.

While declining to discuss specifics with the paper, Treasury's assistant secretary for financial institutions, Michael Barr, told a Times reporter that mortgage servicers will be issued guidance next week relating to borrower documentation and expediting conversions of trial modifications into permanent mods.

‘We are continually reviewing our housing plan to ensure that it promotes stability,’ Barr wrote to the reporter.

Citing "people close to the deliberations," Times reporter Peter S. Goodman wrote that HAMP's financial documentation rules will likely be relaxed, "making pay stubs an acceptable means of verifying income, rather than requiring tax documents."

SOURCE: The New York Times

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