Today the Obama administration released its monthly “scorecard” for the Making Home Affordable Program (MHA), a.k.a. the federal mortgage bailout. The Home Affordable Modification Program (HAMP), which is part of MHA, continues to add trial modifications at about 29,000 per month and permanent modifications, a bit less, at 26,000. The redefault rate on the permanent modifications is now at 12 percent.

This month the administration released the first numbers on its Home Affordable Foreclosure Alternative program (HAFA), which pays borrowers $3000 to vacate their homes through short sales (where the bank agrees to let the home be sold for less than the value of the mortgage) and deeds in lieu of foreclosure (essentially giving the keys back to the bank). Banks get monetary incentives as well for that. So far 4500 borrowers have vacated their homes under this program.

It should be noted that in the past two weeks members of the House of Representatives voted to abolish the government’s mortgage bailout, including the HAMP and HAFA programs. It’s interesting that in light of that, the usually optimistic administration put forth this statement:

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The Obama Administration is vigorously defending its mortgage bailout programs, from the Home Affordable Modification Program (HAMP) to the Neighborhood Stabilization Program to the FHA Short Refi.

They’ve taken to the blogosphere, the reporter conference call and to a hearing room in the House of Representatives, where Republicans are bent on scrapping it all.

Interestingly, the Administration also released the “Monthly Scorecard” for the programs today. The HAMP in particular offered some pretty lackluster results. While totals continue to rise, the number of trial and permanent modifications made in January were fewer than the number made in December. New volume has been falling steadily.

Neil Barofsky, the Special Inspector General for the TARP, opened today’s hearing with strong criticism of the Treasury’s transparency, or lack thereof, in reporting the number of borrowers who can be helped. He called it “disturbing,” “shameful,” and “inexplicable.”

When the vote to abolish these programs was announced last week, and Administration spokesperson blasted, “If enacted, this legislation would close the door to struggling homeowners seeking relief in the face of the worst housing crisis in generations.”

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