GSE HAMP Trial Mods Increase 41% In September

Fannie Mae and Freddie Mac's trial mortgage loan modifications under the Home Affordable Modification Program (HAMP) were up 41% in September from the previous month, according to the companies' regulator, the Federal Housing Finance Agency (FHFA).

In total, the government-sponsored enterprises' trial modifications in process grew from 202,000 in August to 286,000 in September.

Other data in the FHFA's report reflects foreclosure prevention actions taken as of the end of July. According to the report, short sales increased by 24% in July to 5,500, as the pipeline of seriously delinquent loans continued to increase.

Delinquencies continued to increase, as approximately 74,200 more loans became 60 days or more delinquent in July. Loans 60+ days delinquent increased approximately 51% year-to-date, to 1.4 million.

Foreclosure starts in the month, meanwhile, decreased 30% compared to June, totaling nearly 85,300. Foreclosure and third-party sales increased slightly to 25,000 in July, up from 24,700 in June.

SOURCE: FHFA

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