Wednesday, September 1, 2010

Private mortgage modifications more than triple HAMP in July

There were 120,351 permanent mortgage modifications done through proprietary programs in July, more than triple the 36,695 completed through the Home Affordable Modification Program (HAMP) in the same month.
Servicers completed 1.13 million modifications through both private programs and HAMP so far in 2010, according to Hope Now, a private sector alliance of those servicers, investors, mortgage insurers and nonprofit counselors.
The amount of private modifications nearly matched the 120,811 reported in June. Originally, Hope Now reported 123,000 private modifications in June but has since adjusted the number with updated figures from the Mortgage Bankers Association (MBA). A spokesperson for Hope Now said its numbers are extrapolations and are subject to change when the size of the market as reported by the MBA changes.

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Private mortgage modifications more than triple HAMP in July

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