This complaint from California is remarkable in its treatment of HAMP as well as Credit Default Swaps (CDS) and the rest of the securitization scam. For research buffs, the complaint can be found here.
The federal government is either utterly stupid or in cahoots with the rip-offs on Wall Street. I tend to believe it is the latter. Too many "mistakes" lately, especially those related to the "bail-outs." The complaint sets forth a clear demonstration of how all the players in the chain (primarily the Servicer and the Securitization Trustee) are incentivized NOT to modify loans, but to foreclose. To add insult to injury, these rip-offs collect homeowners' last money, collect the money from the government for MERELY making an ILLUSORY promise of a modification, and collect their own "insurance" (CDSs) on the loans designed to fail ("Subprime"/"Alt-A").
As the complaint rightly points out, CDSs are line fire insurance on a neighbor's house: the incentive for arson is too great.
Most of the claim are CA-specific because, apparently, in that state foreclosers need not re-notice a sale once it's been postponed for pretend-loan-mod efforts, and can sell the property without further notice, notwithstanding apparent loan mod "review."
This again goes to show: don't rely on any loan mod promises; instead -- modify, but also nullify.