loan modifications

Chicago area permanent HAMP modifications on the rise, but total activity flatlines: March

The Department of the Treasury released its ninth report card on how mortgage lenders are doing modifying loans for eligible homeowners under the government’s Making Home Affordable program (see our previous analyses).

HAMP Loan Modifications Not Making Serious Dent: January

The HAMP program starts out participants in three-to five-month trial modifications, and if they submit all the necessary paperwork and make payments on time, they are supposed to be entered into a permanent modification. Treasury started reporting on permanent modifications by servicer in the November report card, and last month, they released numbers on permanent modifications by state and metropolitan area.

Tracking the Progress of Federal Loan Modifications: December

An important figure to watch in the HAMP program is the percent of trial modifications that have become permanent. The HAMP program starts out participants in three-to five-month trial modifications, and if they submit all the necessary paperwork and make payments on time, they are supposed to be entered into a permanent modification. Looking at the percent of trials that have become permanent tells a story of how likely HAMP is to make a long-term dent in foreclosure activity.

Tracking the Progress of Federal Loan Modifications: October

Here at Woodstock Institute, we’re tracking the mortgage lenders active in the Chicago area to see how they’re performing on their commitment to reducing monthly payments for distressed homeowners. Check back here every month to see who’s getting better—or worse. Note: these numbers reflect the national portfolio of these banks, not just the loans in the Chicago area. Local data is not available. Treasury announced that 33,514 trial modifications have been started in Illinois, but data on the total number of eligible loans have not been provided. 

Tracking the Progress of Federal Loan Modifications: September

Seventeen lenders, as well as 2,300 participants with Fannie Mae- and Freddie Mac-insured loans, started modifications for less than the national average of 16% of eligible loans, while only nine lenders modified more than 16% of their eligible loans. Last month, sixteen lenders modified fewer loans than the national average, while eight lenders modified more loans than the national average.

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