An Odd Way to Measure the Success of Mortgage Mods

The Obama administration has an odd way of assessing the results of its $50 billion Home Affordable Modification Program, or HAMP.

When the program was announced a year ago, the administration said it would “offer reduced monthly payments for up to three million to four million at-risk homeowners,” people in danger of losing their homes to foreclosure. That phrase, though qualified by the words “up to,” set high expectations.