Troubled Asset Relief Program

Geithner Urges Servicers to Boost Loan Modifications 

The US Treasury Department sent a strong message to mortgage servicers participating in the Home Affordable Modification Program (HAMP), urging a ramp-up in renegotiating loans, according to a letter signed by Treasury secretary Timothy Geithner and Housing and Urban Development (HUD) secretary Shaun Donovan. The HAMP distributes Troubled Asset Relief Program (TARP) funds for servicer, borrower and lender/investor incentives on successful modifications initiated.