HAMP MORTGAGE MODIFICATIONS JUMP 45 PERCENT IN FEBRUARY

The U.S. Treasury Department reported on Friday that mortgage modifications jumped 45 percent in February. In total, more than 170,000 individuals in the Home Affordable Modification Program (HAMP) have been successfully steered into more manageable loans, with another 1.3 million receiving offers for trial modifications. However, the program is still short of the minimum 3 million at-risk homeowners President Obama targeted when the measure was unveiled nearly one year ago. The timeline for that goal extends through 2012. Borrowers in permanent modification plans are saving a median of 36 percent of their before-modification payment with a median savings of more than $500 each month, according to the Treasury Dept. These homeowners' lower monthly payments represent a combined savings of more than $2.7 billion.