Housing Scorecard: HAMP Continues Brisk Trial Modification Rate

May 10, 2013
Mortgage News Daily  
mortgage lending news

The White House's newly released Monthly Housing Scorecard for April contains a recap of housing data released earlier from RealtyTrac, the Census Bureau, S&P Case Shiller, and other sources. Each month, the Scorecard also incorporates the monthly report on the Making Home Affordable (MHA) Program and its various components, including the Home Affordable Modification Program (HAMP) and the Home Affordable Foreclosure Alternatives (HAFA) program. The HAMP program continues to serve new borrowers with 20,653 trial modifications initiated since the February report. That is only about 2,000 fewer than entered the program in March 2011. Since HAMP launched in 2009, more than 2 million borrowers have entered into trial modifications. Furthermore, 1.179 million of those workouts have been converted to permanent modifications -- nearly 12,000 of them since this year's February report. Meanwhile, activity in the HAFA program -- which gives borrowers an opportunity to exit homeownership without going through a foreclosure -- has accelerated since late 2012.
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