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Washington
HUD Over 100k loan mods completed as of Dec.
WASHINGTON (1/19/10)--The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) have noted a “significant acceleration in the rate at which borrowers are being approved for permanent modifications” under the Obama Administration’s Home Affordable Modification Program (HAMP), with over 100,000 mortgage modifications being converted under HAMP as of Dec. 2009. A number of credit unions participate in HAMP, which aims to help struggling homeowners by modifying their mortgages. The program is attempting to lower the mortgage payments of up to 4 million homeowners through mortgage modifications by 2012. HAMP modifications have resulted in savings of $1.5 billion in funds for homeowners thus far. Over 850,000 homeowners “have had a median payment reduction exceeding $500,” according to the release.


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