Mortgage

Administration reports continued gains in housing help

Homeowner assistance programs show progress in three indicators

The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury sent out its recent self-evaluation and both entities are pleased with the progress of the housing recovery.

However, the report card states that despite positive trends in the housing market, there is still a ways to go. (See HousingWire's coverage of the overall report card conclusions here.)

The report states that home sales had their strongest performance in 2013 in several years. Foreclosure starts are also at their lowest annual level since 2005 and homeowners’ equity is up $3.4 trillion since the beginning of 2012.

According to the report, more than 1.9 million homeowner assistance actions have taken place through the Making Home Affordable Program, including more than 1.3 million permanent modifications through the Home Affordable Modification Program, while the Federal Housing Administration offered more than 2.1 million loss mitigation and early delinquency interventions through December.

In all, more than 8 million mortgage modification and other forms of mortgage assistance arrangements were completed between April 2009 and the end of December 2013.

Performance of HAMP modifications continues to improve over time. For modifications seasoned 24 months, 23.6% of modifications started in 2011 disqualified, compared to 28.6% of modifications started in 2009.

Program data supports that the longer a homeowner remains in HAMP, the more likely he or she is to keep up with their mortgage payments and avoid foreclosure.

Most Popular Articles

Mortgage rates drop on Fed intervention

The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans.

Apr 02, 2020 By

Latest Articles

AIME’s Anthony Casa on the mortgage industry’s most pressing topics

HousingWire CEO Clayton Collins sat down with Association of Independent Mortgage Experts Chairman Anthony Casa to discuss some of the most pressing issues pertaining to the housing industry as the coronavirus that causes COVID-19 continues to create uncertainty within the market. HW+ Premium Content

Apr 03, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please