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On March 4, 2009, the U.S. Department of the Treasury (Treasury) announced details of the Home Affordable Modification program (HAMP) as part of the Making Home Affordable Program. HAMP is a loan modification program designed to reduce delinquent and at-risk borrowers' monthly mortgage payments. Freddie Mac is pleased to play a leadership role by implementing this program.
HAMP is effective immediately for mortgages originated on or prior to January 1, 2009, and will expire on December 31, 2012. Servicers must solicit eligible borrowers who are 31 or more days delinquent for a modification under HAMP, but cannot solicit borrowers for this program who are current or less than 31 days delinquent.
Guide Bulletin Updates
On July 28, 2010, Freddie Mac issued Single-Family Seller/Servicer Guide Bulletin 2010-17, which announced that we made a comprehensive update to Guide Chapter C65, Home Affordable Modification Program, to reflect the changes issued in Guide Bulletins 2009-26, 2009-28, 2010-1, and 2010-3, and incorporated certain Treasury Supplemental Documentation Frequently Asked Questions (FAQs). Guide Bulletin 2010-17 also provided several additional new updates to our solicitation, eligibility, underwriting, and reporting requirements under HAMP.
Servicers are strongly encouraged to review the details in Guide Bulletin 2010-17 and our updated Guide Chapters B65, Workout Options, and C65, to fully understand our requirements for loss mitigation activities, including our hierarchy for evaluating borrowers for foreclosure alternatives.