A U.S. program to prevent mortgage foreclosures approved about 9 percent fewer applications for permanent payment reductions in August from a month earlier, the Treasury Department said. A total of 33,342 delinquent borrowers qualified for the changes, which cut payments by a median of more than $500, the Treasury said today in a monthly report on the Home Affordable Modification Program. A total of 468,058 borrowers are paying reduced amounts under the program, while 663,538 have had trial reductions canceled, the report showed. Almost 60 percent of people who got permanent modifications had suffered a loss of income.
TreasuryÕ homeowner program approves 9% fewer payment cuts
September 23, 2010, 1:49pm
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
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Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio