Mortgage expert and one-time Fannie Mae Chief Credit Officer Edward Pinto says a claim made by Treasury Secretary Tim Geithner that 500,000 homeowners have entered the Obama administration’s Home Affordable Modification Program (HAMP) is ridiculous.
In fact, he says, the program is rapidly becoming: “I will pretend to modify your loan if you pretend that you will make the payments,” he told the Business Insider Web site.
According to Michael Young, vice chairman of the Mortgage Bankers Association, 99 percent of the loan modification packages are incomplete.