Tuesday, December 7, 2010

Private Mortgage Modifications continue to surge over the HAMP Program

The HAMP program is a failure.  They only good loan mods have been the one issued directly from the bank.
Hope Now, a private sector mortgage alliance, said the mortgage industry has completed more than 1.54 million permanent loan modifications for homeowners from January through October, as foreclosure suspensions affected foreclosure sales and starts.
For October, mortgage servicers completed about 101,000 proprietary loan modifications and 24,000 Home Affordable Modification Program, or HAMP, modifications for an estimated total of 125,000.
"There were anomalies in the October data that affected 60-day plus delinquency, as well as foreclosure, metrics which we believe may be largely attributed to widespread foreclosure delays across the country," said Faith Schwartz, executive director of Hope Now.
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