“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.
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