Number of permanent modifications increases by 45 percent
WASHINGTON - Are you curious whether the government sponsered Loan Modification
Programs have been successful? Read this and decide for yourself.
The U.S. Department of the Treasury and the Department of Housing and
Urban Development (HUD) today released February data for the Administration's Home
Affordable Modification Program (HAMP). As of the end of the month, more than one million
borrowers were receiving a median savings of $500 each month – a 36 percent median
monthly payment decrease. Permanent modifications have been granted to 170,000
homeowners and an additional 91,800 permanent modifications have been approved by
servicers and are pending only borrower acceptance.
The February HAMP report can be found here: http://www.makinghomeaffordable.gov/docs/Feb%20Report%20031210.pdf