Is Treasury Admitting Mod Defeat? - CNBC

HAMP, the government's Home Affordability Modification Program, was introduced with great fanfare but has benefitted relatively few borrowers. That's a shame, because a properly designed and adminstered program could have helped a lot of people keep their homes. Now there's a new program, HAFA, the Home Affordable Foreclosure Alternatives program. It's emergence, and recent comments from Treasury advisors, suggest that the Treasury Dept may be admitting the failure of HAMP, instead endorsing short sales and deeds in lieu of foreclosure. - David