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There are approximately 5 million mortgages which are late by 90 days late or more in making payments resulting in serious delinquencies. Of that total, 20% are guaranteed or owned by Fannie Mae. The Treasury Department has essentially assigned the administrative role of HAMP to Fannie Mae. Fannie Mae has over 2,000 employees focusing on foreclosure prevention and has greatly expanded its outreach efforts in those cities or regions hardest hit by the crisis. Both Treasury and HUD officials have made threatening overtures towards servicers and lenders with poor performance records under the HAMP program and have outlined measures which would increase servicer oversight and move to take action in making them accountable. There is an ongoing frustration that many of the major loan servicers, including the largest banks, are still slow in implementing loan modifications for distressed borrowers after receiving billions in taxpayer funds. Many participants in the HAMP program are perceived as putting up too many obstacles for borrowers and unreasonably denying applicants seeking to modify their loans. Of those borrowers who have entered into the three month trial modification program, roughly 40% have been denied a permanent modification due to insufficient income, inadequate documentation or non-payment on the loan.
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