Magazine article Mortgage Banking

Obama Administration Issues April Housing Scorecard

Magazine article Mortgage Banking

Obama Administration Issues April Housing Scorecard

Article excerpt

The latest monthly scorecard issued by the Obama administration on progress being made under its Making Home Affordable program shows servicers have started 670,186 permanent modifications under the Home Affordable Modification Proeram (HAMP) since the effort was launched. The number of permanent HAMP mods reported for the month of March totaled 36,432. There are 586,916 active permanent HAMP modifications still in place.

The scorecard showed that a total of 751474 HAMP trial mods have been canceled since the program began. A total of 137,363 trial HAMP mods are currently active.

In the April scorecard, the government reported that only 5,447 Home Affordable Foreclosure Alternative (HAFA) transactions have been completed. HAFA offers incentives for homeowners seeking to exit their homes through a short sale or a deed in lieu of foreclosure. As of the April report, there had been 12,266 HAFA agreements started.

The administration reported that at the 12-month mark after a permanent HAMP modification, more than 84 percent of homeowners remain in their permanent modification. The remaining 16 percent were disqualified for missing three consecutive payments, according to the scorecard. …

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