Five years after the first round of loan modifications began in April 2009 under the Treasury Department’s Home Affordable Modification Program, 32,111 loans are scheduled for their first interest rate resets this October. The impact of this first wave is expected to be limited. But in each of the next successive four years, HAMP resets will reach into six-figure territory, and by the time the smoke clears, upwards of 800,000 loans will face multiple interest rate tests. “The HAMP resets will be...