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MBA calls on regulators to support a cohesive industry framework for loss mitigation options after HAMP.
Overview: During the financial crisis, the Treasury Department established a program to standardize modification options for borrowers in default. The Home Affordable Modification Program (HAMP) helped millions of homeowners, and mortgage servicers adjusted to offering the loss mitigation products. HAMP winded down in 2016, but servicers now look to offer HAMP-like products to borrowers facing the possibility of foreclosure.