Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
FHFA reports 1Q spike in mortgage mods refinancings
WASHINGTON (6/23/10)--The Federal Housing Financing Agency (FHFA) on Tuesday reported that loan modifications and refinancings by Fannie Mae and Freddie Mac “increased significantly in the first quarter as the volume of permanent modifications under the Administration’s Home Affordable Modification Program (HAMP) tripled, and refinancings steadily grew under the Home Affordable Refinance Program (HARP).” In a release, the FHFA said that foreclosure prevention activities increased 75%, with HAMP permanent modifications totaling 136,000 and HARP cumulative refinance volume increasing 53% during the first quarter of 2010. A total of 66% of loan modifications that were completed in the final quarter of 2009 reduced the monthly payments of participating mortgage holders by over 20%, the FHFA added. An administration official earlier this year said that the HAMP program, which aims to help struggling homeowners by modifying their mortgages, is currently on course to modify as many as 4 million mortgages by 2012. A total of 17 credit unions took part in the HAMP program in 2009. For the full release, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
1 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
2 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
4 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
6 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
6 hours ago