“A recent study found a big reason for the program’s failure was that, despite all its rules, it didn’t change the behavior of the biggest banks. The banks did a poor job of modifying loans before HAMP was launched and weren’t much better after.  To oversee the program, the Treasury awarded Freddie Mac a $209 million contract to be the program’s watchdog. Freddie Mac formed a group, called Making Home Affordable – Compliance, or MHA-C for short, but it got off to an inauspicious start.

http://www.rawstory.com/rs/2012/11/08/documents-government-foreclosure-audit-held-off-on-looking-at-largest-banks/

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