The latest mortgage data through second quarter 2010 show that while mortgage companies have stepped up their efforts outside the HAMP program, loan repairs are still dwarfed by the foreclosure epidemic. The chart below vividly illustrates that Federal efforts to stop foreclosures through the Home Affordable Modification Program (HAMP) simply aren't keeping pace with the foreclosure epidemic.

 

Notes on chart

CRL testifies before Congress on at least a dozen ways we can do more to stop foreclosures.

Take a look at foreclosures in your area: State Fact Sheets.

Lower payments make loan mods that last. A report by the Comptroller of the Currency and the Office of Thrift Supervision shows that homeowners are less likely to re-default on loan modifications that reduce their monthly payment.

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Notes ( Back to Top )
"Foreclosure Starts" are mortgages that entered the foreclosure process for the first time during this period. The 60+ Days Delinquent and the Foreclosure Starts categories are mutually exclusive.

The "60+ Days Delinquent" category includes mortgage loans that are 60 days or more past due, including loans that were already in the process of foreclosure during the given quarter.

"Proprietary (non-HAMP) mods" are loan modifications completed outside of the HAMP program using servicer- and/or investor-specific guidelines, as reported by Hope Now.

"Total Modifications" do not reflect mortgages that are receiving a trial modification through the federal HAMP program. This category also excludes mortgages that have changed as a result of repayment plans, short sales or property deeds given to lenders to avoid foreclosure proceedings ("deeds in lieu").

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