Loan Modification Rate Increase Question

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Let me start with "I'm a newbie."

I've started hearing a little bit about rate increases for homeowners who used the government's Home Affordable Modification Program (HAMP) loan modifications beginning in 2009 (5 years ago). 

Can someone please help me understand the consequences, if any, this will have on real estate markets?  My newbie logic says: rates will increase, creating larger payments for homeowners who seem to not be making more money, resulting in defaults and better deals for investors. 

What am I missing? Why isn't this a bigger topic?