Thank you, Scott.  I meant HAMP when I referred to TARP.  HAMP is the program that Republicans are trying to put an end to. 

HAMP helped another 36,000 people last month, and increase of 10,000 over the prior month.  It is true that more have been rejected than approved, but that doesn't mean it isn't helping people.  I had a client who received a successful modification several months ago and he is still in good shape.  The interest rate reduction made his payment something he can afford, even though his principal balance was increased substantially. 

There have certainly been problems along the way - and the servicers put way too many people into the program without pre-qualifying them (for which they were paid incentives) and that is the main reason so many people have been rejected.  Many of those issue were resolved last year with changes to the regulations.  I think it can be a good program and we should keep it until things in the mortgage market stabilize.

Best,
Robert A. Franco
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