Fitch Ratings expects a significant number of Home Affordable Modification Program (HAMP) and servicer-specific modified loans to default within the next year, the credit rating agency announced in a report today.

While the firm cited a rise in modifications since HAMP’s launch early last year, with 15% of all RMBS loans receiving a HAMP or non-HAMP loan modification through May 2010, the program has fallen short of its modification goals to date. Changes to HAMP imposed by the U.S. Treasury may continue to impede the program’s progress, according to managing director Diane Pendley.

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