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Mortgage Servicers and Government Foreclosures

Mortgage Servicers, Government Head Off Foreclosures. Major mortgage loan servicers showed improved results heading off foreclosures in September, according to a government report released Thursday, helping the Obama administration hit a key target ahead of schedule.

The Treasury said its Making Home Affordable program crossed the 500,000 loan-modification mark earlier this week, well ahead of its previously-announced target date of Nov.1.

The announcement came as the governemnt releases its third monthly report, documenting private sector participatin in the $75-billion dollar program, which was first outlined and lauched with great fanfare in the spring.

Through the end of September, the near 48 firms participating had undertaken 487,081 trial; modifications, up frpom 360,000 in July. Some 758,000 borrowers have been made offers so far.

Data on success rates at this point is limited and in a way lagging. The program is barely six months old and its terms require that a modified loan stay current for three months to be considered a success.

Hipotecas Prestamos October 8, 2009 02:05 PM