On January 28, 2010, the U.S. Departments of the Treasury and of Housing and Urban Development released amended rules for the HAMP Program. As of the end of 2009, more than 900,000 homeowners had begun trial modifications, but only 110,000 had received permanent modifications. First, to expedite the program, the new guidelines require that homeowners document income and other information before the servicer may consider the borrower for a 3-month trail modification (effective for trial modifications on and after June 1, 2010). Second, the guidance clarifies procedures for determining eligibility of borrowers currently in trial modifications for permanent modifications (effective immediately). The new rules do not apply to loans owned or guaranteed by Fannie Mae or Freddie Mac, which have each announced their own HAMP guidelines.

Press Release
Supplemental Directive 10-01