That’s up from just over 31,000 total permanent modifications a month ago. For the month of December, roughly 35,000 trial modifications were made permanent.
From the Treasury: Update on Conversion Drive
WASHINGTON – The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released an update on the Administration’s aggressive nationwide campaign to help borrowers in the trial phase of their modified mortgages convert to permanent modifications under the Home Affordable Modification Program (HAMP). The new December data demonstrates that there has been a significant acceleration in the rate at which borrowers are being approved for permanent modifications. As of December, more than 110,000 permanent modifications have been approved, including 66,000 that borrowers have accepted and 46,000 awaiting only the borrower’s signature. Under HAMP, more than 850,000 homeowners have had a median payment reduction exceeding $500.
Here are some charts from the report:
Permanent HAMP loan modifications are now running at a pace of about 420,000 per year. This is certainly progress, but far short of the original aspirations of the program.
Interesting math to consider in the charts above…
So far, the are 112,000 permanent mods offered or accepted, and another 49,000 that have been rejected or otherwise failed (902-853). That’s a total of about 161,000 mods that have been dealt with in some way. Looking back 6 months to July, there were 269,000 loan mods in process…that’s over 100,000 loans that are still in trial-mod limbo.
