The Home Affordable Modification Program (HAMP), more than a year after it was introduced in hopes of preventing 3 million to 4 million foreclosures by the end of 2012, continues to evolve in response to continuing criticisms. Many have expressed doubts about whether the initial target of preventing as many as 4 million foreclosures will ever be reached. The new HAMP programs for underwater and unemployed homeowners have been praised as needed moves that would improve HAMP's modest success rate to date. In March, Fannie Mae introduced an alternative modification program for those who, after starting a trial HAMP modification before March 1, are denied a permanent modification. The payment terms will be the same as those under the trial mod, according to Fannie Mae. HAMP regulations require that other modifications be considered for homeowners who fail to qualify for a permanent HAMP modification, and that has resulted in many more modifications.
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