The Treasury Department late last week quietly corrected its loan performance findings on completed HAMP modifications, which show its results are decent, but nowhere as good as originally reported.
The revised June Home Affordable Modification Program data shows the re-default rate (loans 90-days of more past due) is about 6%, not 2.3% as originally reported.
"For HAMP modifications in place six months, about 10% are 60+ days delinquent," Treasury said in its July Housing Scorecard issued late Friday.
Treasury issued its June HAMP report on July 19, which included re-default data for the first time. Within a few days, Treasury officials acknowledged some errors were made.
Fannie Mae, the program administrator, was directed to revise the data. Treasury retained a third-party consultant to provide additional review and validation.
