HAMP Growing, Modifications Up in January

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(WASHINGTON, DC) -- According to a new report issued today by the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac completed more than 73,300 permanent mortgage loan modifications through January under the Administration's Home Affordable Modification Program (HAMP).

The Home Affordable Refinance Program, or HARP, also increased, as the percentage of total monthly refinance volume increased to nearly 12.7 of all refinancings in January.

The data were released by Ed DeMarco, Acting Director of the FHFA, as part of the agency's monthly Foreclosure Prevention & Refinance Report, which is also submitted to Congress as the Federal Property Manager's Report in accordance with Section 110 of the Emergency Economic Stabilization Act of 2008 (EESA). FHFA announced on March 1 that the HARP would be extended to June 30, 2011.

This report summarizes foreclosure prevention data for Fannie Mae and Freddie Mac through November 2009, and includes HAMP modification and refinance data through Jan. 31, 2010.

Also in the report:

Foreclosure Prevention Actions:

• The Enterprises have initiated approximately 540,383 HAMP trial modifications, of which 73,376 had converted to permanent modifications as of Jan. 31, 2010.

• Completed loan modifications increased 13 percent to more than 7,900 in November from 7,000 in December.

• Completed repayment plans decreased to 13,900 in November, from 16,800 in October.

Refinance Activity:

• Monthly HARP volume decreased in January, however the HARP's share of total monthly refinance volume rose to 12.7 of all refinancings.

Mortgage Performance:

• Loans that are only one month delinquent decreased by nearly 42,000 loans or 6 percent in November to 747,000.

• Loans 60-plus-days delinquent increased by 80,000 loans or nearly 5 percent in November to 1.7 million.

Foreclosures:

• Foreclosure starts in November declined 13 percent compared with October to 67,900.

• Completed foreclosure and third-party sales decreased 22 percent to 22,800 in November, from 29,200 in October.
  

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