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 August 16, 2009

U. S. Treasury Introduces Home Price Decline Protection
The Treasury Dept. has introduced an enhancement to its existing Home Price Decline Protection (HPDP) program. The new program provides incentives on loan modifications offered in neighborhoods which have experienced a recent decline in prices.
These incentives are being offered to lenders to increase participation in loan modification offerings, and in turn decreasing the amount of new foreclosure filings. If foreclosures in troubled neighborhoods can be minimized, then home values are protected and families get to stay in their homes, while lender losses are kept to a minimum as well.

New incentive lender incentive programs will be available to all offers of loan modifications made after September 1, 2009. The program is known as HAMP: Home affordable Modification Program. Lender incentive are known as pay-for success, and the overall purpose of the incentives is to create successful, affordable loan modification for home owners in a manner which is cost effective for taxpayers.