Obama Scorecard: Foreclosure programs aid 1.4 million homeowners
The Making Home Affordable Program has assisted more than 1.4 million distressed borrowers since its inception, the Obama Administration said in its December Housing Scorecard report.
HOPE Now lenders alone offered families and individuals more than 3 million proprietary mortgage modifications.
Between April 2009 and November 2012, more than six million mortgage modifications and other forms of assistance were launched, according to the scorecard.
Click on the graph below to compare mortgage aid actions to completed foreclosures.
The Home Affordable Refinance Program also grew to 81,000 loans in October, bringing the total to 790,600 refinancing actions since the beginning of 2012.
The Federal Housing Administration has offered more than 1.5 million loss mitigation and early delinquency interventions since the launch of the initiative.
As of November, more than 1.1 million homeowners have benefited from permanent modification through the Home Affordable Modification Program.
"The Administration's programs to prevent foreclosure have helped millions of families stay in their homes and prompted critical changes in the way the mortgage industry assists struggling homeowners, which have helped our country recover faster from an unprecedented housing crisis," said Treasury Assistant Secretary for Financial Stability Tim Massad.
About 87% of eligible homeowners entering a HAMP trial modification since June 1, 2010 have received a permanent modification after an average period of 3.5 months.
Homeowners currently in HAMP permanent modifications with some form of principal reduction were granted an estimated $8.4 billion in writedowns. Of all non-government-sponsored enterprise loans eligible for principal reduction entering HAMP in November, 77% ended up obtaining a principal writedown.
Nearly 102,000 second lien modifications have been completed through the Second Lien Modification Program. In addition, 86,000 homeowners have exited their properties through a short sale or deed-in-lieu of foreclosure with assistance from the Home Affordable Alternatives Program.
Homeowners receiving a full extinguishment of a second lien received a median total first and second lien payment reduction of 53%.
The highest HAMP modifications in the nation were in Arizona, California, Florida, Illinois and New York.
Click on the map to view HAMP modifications by state.
Since the inception of the Making Home Affordable Program, Treasury required participating servicers to take specific actions to improve processes through ongoing program reviews.