Foreclosure Mitigation Programs Continue to Aid Borrowers

July 12, 2013
Housing Wire 
mortgage lending news

As recovery progresses in the residential property market, the Obama administration's housing scorecard shows that federal foreclosure-mitigation efforts continue to help millions of U.S. homeowners. The June report counts more than 1.6 million borrowers who have received assistance under the Making Home Affordable Program since its 2009 inception. Through May, more than 1.2 million homeowners were granted permanent loan workouts via the Home Affordable Modification Program. With that initiative knocking payments down by nearly 40 percent, or $547, per month, officials say delinquencies and re-default rates on HAMP workouts are lower than for industry programs.
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