Hope Now: Industry completes nearly 150,000 loan mods in August
Hope Now, a private sector alliance of mortgage servicers, investors, mortgage insurers and nonprofits, said the industry completed nearly 150,000 permanent loan modifications in August, with 91% of proprietary modifications including a reduction of principal and interest. The figures include nearly 116,000 proprietary loan modifications for homeowners and 33,000 Home Affordable Modification Program, or HAMP, modifications. Mortgage servicers have completed 1.3 million loan modifications so far this year, and almost 3.7 million since 2007. Additionally, Hope Now's data shows declines in 60-day-plus mortgage delinquencies. The alliance said delinquencies of more than 60 days decreased to 3.26 million in August from from 3.29 million in July. Proprietary loan modifications completed decreased slightly to 115,756 in August from 120,351 in July, while principal and interest reduction modifications ticked upward: 104,988 in August, compared to 103,029 in July. Foreclosure starts were up, with 245,015 in August compared to 226,664 in July with foreclosure sales also increasing, to 101,780 in Augst from 97,951 in the previous month. Write to Kerry Curry.