About 26,147 struggling borrowers received new loan terms as part of President Barack Obama’s much-maligned foreclosure prevention program, the Treasury Department said Friday. Get the full story »
Inside these posts: HAMP
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Treasury backs HAMP amid GOP calls to kill it
The Obama administration vigorously defended its Home Affordable Modification Program Wednesday, which faces sharp criticism by Republican lawmakers who want it axed.
Repeatedly saying that the housing market remains fragile, Treasury Department officials touted the fact that while the 2-year-old program is not meeting its initially much-publicized — and now unrealistic — goal of saving 3 million to 4 million families from foreclosure, the 25,000 to 30,000 families each month who are receiving permanent loan modifications is cause for it to continue. Get the full story »
1.76M mortgage loans modified last year
Mortgage loan servicers negotiated 1.76 million permanent loan modifications for homeowners last year, but more than two-thirds of them were completed in-house and not part of the federal government’s Home Affordable Modification Program. Get the full story »
Less progress on mortgage mods in Chicago
The number of delinquent Chicago-area borrowers in permanent mortgage loan modifications fell in December for the first time since the government started its program to help troubled consumers keep their homes.
According to Treasury Department data released Monday, 27,121 local borrowers have received permanent loan modifications since the Home Affordable Modification Program began 21 months ago, compared with 27,176 in November. Get the full story »
New effort to make mortgage modifications easier
The Obama administration Tuesday stepped up efforts to make it easier for struggling homeowners to renegotiate their mortgages, though it could be more than a year before such efforts pay off.
The way mortgage servicers — firms that collect loan payments on behalf of a loan’s owner — are paid is “broken and should be fixed,” Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan said in a joint statement. Get the full story »
HAMP falls short in new report on mortgage mods
The Obama administration’s Home Affordable Modification Program is on target to prevent only 700,000 foreclosures, not the 4 million the Treasury Department originally estimated when it introduced the program, according to a Congressional Oversight Panel report issued Tuesday. Get the full story »
Pace of mortgage mods continues to slow
The number of Chicago-area homeowners who received permanent mortgage modifications rose last month, topping 25,000, but the pace at which consumers are being added to that group has slowed dramatically.
The government’s monthly accounting of its Home Affordable Modification Program showed that in the Chicago area, the 25,001 mortgages that received permanently lower payment terms was a 3.1 percent increase from September. On a percentage basis, that’s the smallest monthly gain of the year, and a dramatic drop from the high double-digit gains recorded earlier this year. Get the full story »
Chicago trial HAMP loans down in September
The number of Chicago-area homeowners in trial mortgage modifications continued to fall in September, while the number of people who have received permanently lower payment terms rose 4 percent in the month, the Treasury Department said Monday.
The government’s September accounting of its Home Affordable Modification Program also showed that borrowers in permanent modifications are having trouble keeping their loans current, even after the payments are reduced. Get the full story »
Number of Chicago homeowners getting help rises
The number of delinquent homeowners in the Chicago area who received permanent mortgage loan modifications rose almost 7 percent in August, but participation in trial modification plans fell 21 percent, according to data released Wednesday afternoon by the Treasury Dept.
In the Chicago area, 23,288 homeowners had received permanently modifications between the start of the Home Affordable Modification Program in the spring of 2009 and the end of August. Meanwhile, the number of local homeowners who qualify to receive lower payment terms on a trial basis fell to 10,058 in August, from 12,734 in July. Get the full story »
Fewer homeowners received mortgage help in July
The Treasury Department said Friday that the nation’s housing market “remains fragile” and reported that far fewer delinquent mortgage borrowers received loan modifications through a federal government program in July than they did in June. Get the full story »
Mortgage modifications up 13% from March
By Mary Ellen Podmolik | The Obama administration reported Monday that its efforts to keep
delinquent borrowers in their homes had met with mixed results, and that
these numbers are likely to get worse before they get better.
The administration said permanent modifications of delinquent mortgages
rose to almost 300,000 nationally in April, a 13 percent improvement
over March. But new data from the Treasury Department showed that as of
last month, almost one of every four homeowners who received a trial
loan modification fell out of the program.
