Of the nearly 760,000 modifications that have been enrolled in three-month trial plans, less than 32,000 have transitioned into permanent relief for homeowners. Nearly 87 percent of the modifications under the administration's program are for investor-owned mortgages.
That's right - the program is designed to bail out real estate investors and speculators, not homeowners. OTOH, maybe its possible that even those aren't the real target of this government handout.
More than 99 percent of mortgage modifications that include cutting principal are for those mortgages owned outright by a bank, meaning they are held in the bank's portfolio.
Could HAMP really be just another bailout for the banks? You decide.
The actual report is attached to this post.