"Loan modifications became well known during the housing crisis when the federal government rolled out programs intended to help homeowners stave off foreclosure.
"The best known program, Home Affordable Modification Program, or HAMP, which launched in 2009, required borrowers to be in default to qualify. HAMP fielded criticism that it didn’t help enough distressed borrowers and that it encouraged strategic default, said Stuart Gabriel, director of the Ziman Center for Real Estate at the University of California, Los Angeles."
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