home affordable modification program (HAMP)

Definition

A program introduced in 2009 to help stabilize the U.S. housing market. The HAMP program offers loan modifications to distressed homeowners in cases where more that 31% of their gross income had to be used for mortgage payments. Homeowners could get adjustments to their loan principle, interest rate or payment schedule to bring that percentage below the 31% threshold. Under the same scheme, the banks also receive financial incentives from the U.S. government to offer these modifications to qualified homeowners.

单词	home affordable modification program (HAMP)
释义	home affordable modification program (HAMP) Definition A program introduced in 2009 to help stabilize the U.S. housing market. The HAMP program offers loan modifications to distressed homeowners in cases where more that 31% of their gross income had to be used for mortgage payments. Homeowners could get adjustments to their loan principle, interest rate or payment schedule to bring that percentage below the 31% threshold. Under the same scheme, the banks also receive financial incentives from the U.S. government to offer these modifications to qualified homeowners.
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