Wednesday, November 3, 2010

Data released by the organization Monday shows that the industry completed close to 150,000 permanent loan modifications during the month of September alone – 120,000 of which were through servicers own proprietary programs and 27,840 under the federal government’s Home Affordable Modification Program (HAMP).

HOPE NOW says servicers have been granting permanent loan modifications to struggling borrowers at a steady pace of about 150,000 per month. But many consumer advocacy groups, and even federal watchdog agencies such as the Congressional Oversight Panel, say their efforts are unfortunately overshadowed by the sheer volume of delinquencies.