Government funds used to pay for the Home Affordable Modification Program have reached nearly $23 billion as the program neared its sunset.
HAMP was part of the Making Home Affordable
program, which was funded by the Treasury Department through the Troubled Asset Relief Program.
Participating servicers were paid incentive payments by the Treasury when they modified loans through the program, which closed on Dec. 31, 2016.
Around $27.8 billion was set aside for MHA, according to a report Monday from the Government Accountability Office.
As of Oct. 31, 2016, $23.6 billion had been disbursed or committed for future incentive payments. That worked out to around 85 percent of MHA funds.
Another program, the
Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, had $9.6 billion in funds available. As of Oct. 31, 2016, the Treasury had disbursed $6.84 billion for the program — which runs until Dec. 31, 2017.
The
Federal Housing Administration Short Refinance program was funded with $0.13 for potential losses on these loans for borrowers who entered the program by year-end 2016. As of Oct. 31, 2016, just $0.02 billion had been disbursed.
