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FHFA reports loan mod foreclosure prevention drops
WASHINGTON (6/7/11)—The total number of loan modifications made during the first quarter of 2011 dropped to 86,201 from 119,778 in the first quarter, the Federal Housing Finance Agency (FHFA) reported in Monday’s quarterly Foreclosure Prevention & Refinance Report. This is the third straight quarter that loan modifications have declined. The number of foreclosure prevention actions made during the first quarter of 2011 dropped to 171,531 from the previous quarter’s total of 208,416. However, refinancings made through the Obama Administration’s Home Affordable Refinance Program (HARP) increased 21% during the quarter, totaling 752,000 loans. The Federal Housing Finance Agency earlier this year extended the HARP program until June 30, 2012. It was set to expire at the end of this month. The FHFA reported that more than 36,300 Home Affordable Modification Program (HAMP) trials transitioned to permanent modifications during the first quarter, increasing the total number of active HAMP permanent modifications by 13%, totaling 320,500 during the quarter. The administration last year estimated that HAMP would modify as many as 4 million mortgages by 2012. Foreclosure starts declined while completed third-party and foreclosure sales increased in the first quarter. The report also noted that loans that were modified in 2010 have resulted in “deeper payment reductions for a greater proportion of borrowers than in earlier periods,” and the majority of these loans progressed from trial periods to full loan modifications. More than 1.6 million foreclosure prevention actions have been completed since late 2008, according to the report. For the full report, use the resource link.
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