Posted To: MND NewsWire
The Treasury Department released data Thursday on activity in its Making Home Affordable (HAMP) program during the month of November. As expected from earlier comments made by Treasury officials, borrowers continued to enter the program under trial modifications, but the rate of permanent modifications remains well below expectations. Cumulative figures for the program by the end of November show participating servicers had sent a total of 3,137,548 requests for financial information to borrowers thought eligible for the foreclosure prevention program and had extended 1,032,827 invitations to participate in a trial modification program, up from 920,000 in October. There are currently 728,408 borrowers actively participating in loan modifications, however, only 4.3 percent of those modifications…(read more)