HAMP Loan Modification Calculator program had been limited to other ways of reducing pay-ments. (This report refers to HAMP without principal reduction as "standard HAMP.") For the borrower, principal forgiveness provides not only a lower monthly payment, but also, unlike standard HAMP, an improved equity position as a result of the lower loan balance. Hav-

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quarter of 2012, over three-quarters of HAMP modifications had monthly payment reductions of greater than 20%, while less than half of proprietary modifications did. For non-GSE loans (since GSE loans do not permit principal reduction), 44% of HAMP modifications had principal reduction as part of the modification, while only 20% of

HAMP Changes: Treasury Increases Incentives for Principal Reduction. Under the new guidelines, Treasury will pay from 18 to 63 cents on the dollar to investors, depending on the degree of change in the loan-to-value ratio of the individual loans.

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