Two More Servicers Join HAMP
Mortgage Center and Mission Federal Credit Union both signed on to the list of now 34 mortgage servicers participating in the modification incentive program under the Troubled Asset Relief Program (TARP). The Home Affordable Modification Program (HAMP) allocates TARP funds to servicers to use as interest rate reduction subsidies or to distribute to participating lender/investors or borrowers. The US Treasury Department allocated a caps of $4.2m to Southfield, Mich.-based Mortgage Center and $860,000 to San Diego-based Mission Federal Credit Union, according to a TARP transaction report. The two servicers followed American Home Mortgage Servicing, which also joined the program last week. The Treasury allocated a cap of $1.27bn to American Home under the program. In total, the Treasury allocated $20bn in TARP funding caps to the 34 institutions but may adjust individual caps based on actual participation in the program. The entire list of servicers participating in the program is available in the most recent TARP transaction report. Write to Jon Prior.