Fannie Mae and Freddie Mac have initiated approximately 540,383 Home Affordable Modification Program (HAMP) trial modifications, of which 73,376 had converted to permanent modifications through January, according to new data from the Federal Housing Finance Agency (FHFA).
The Home Affordable Refinance Program (HARP) also increased, as the percentage of total monthly refinance volume increased to nearly 12.7% of all refinancings in January. The FHFA announced on March 1 that HARP would be extended to June 30, 2011.
Completed loan modifications increased 13% to more than 7,900 in November from 7,000 in October, the FHFA says, adding that completed repayment plans decreased to 13,900 in November, from 16,800 in October.
Government-sponsored enterprise loans that are only one month delinquent decreased by nearly 42,000 loans, or 6%, in November to 747,000. Loans 60+ days delinquent, however, increased by 80,000 loans, or nearly 5%, in November to 1.7 million.
Foreclosure starts in November declined 13% compared with October to 67,900. Completed foreclosure and third-party sales decreased 22% to 22,800 in November, from 29,200 in October.
SOURCE: Federal Housing Finance Agency