Since the start of Obama’s $75 billion Home Affordable Program, about 12% of eligible borrowers have begun trial modifications, according to the Treasury Department.
Lenders have offered trial modifications to more than half a million borrowers, but not all who were eligible have enrolled. Mark Zandi from Moody’s Economy.com, said modification progress has improved since earlier in the summer and servicers are better staffed, but it’s slow compared to the surge in delinquencies and foreclosures. In August, one in 357 homes received a foreclosure filing, which is an increase of nearly 18% from last August. For more information on the loan modification program, visit www.makinghomeaffordable.gov or call 1-888-995-HOPE.
http://www.usatoday.com/money/economy/housing/2009-09-09-home-loans-mortgages_N.htm
Tags: consumer, economy, foreclosure, Home, mortgage
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