March 12, 2010

ADMINISTRATION RELEASES FEBRUARY LOAN MODIFICATION REPORT

Number of permanent modifications increases by 45 percent

WASHINGTON - 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

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