The Federal Housing Finance Agency has now expanded the program by allowing homeowners to refinance regardless of how much their house has fallen in value. Originally, the program was limited to borrowers whose mortgages were no greater than 125 percent of the value of their homes. Under the program, borrowers must still be making on-time payments. The program also only applies to loans owned or guaranteed by Fannie Mae or Freddie Mac.
HAMP has received significant criticism as the number of homeowners participating in the program permanently that modified their mortgage is significantly lower than expected. The most recent statistics released by the Treasury Department in October indicated that the program helped 691,000 homeowners. The projected goal of the program was to help over 4 million homeowners. With the expansion of the program, the number of homeowners able to modify their mortgage may increase.