Community Bank, Credit Union Join HAMP

Mae has entered into Home Affordable Modification Program (HAMP) contracts with two more servicers, the Treasury announced Tuesday. The newest additions to the federal foreclosure-prevention plan are Lake National Bank of Mentor, Ohio, and IBM Southeast Employees' Federal Credit Union of Delray Beach, Fla. Lake National's incentive payments are capped at $100,000, and IBM Southeast Employees' payments are capped at $870,000. According to the Treasury's latest TARP transaction report, 27 servicers have entered HAMP, and the total incentive cap currently stands at $18.66 billion. SOURCE: FinancialStabil

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