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Feb. federal loan-mod report shows jump
WASHINGTON (3/15/10)--The U.S. Treasury and the Department of Housing and Urban Development (HUD) on Friday reported that the number of mortgages modified through the Obama Administration’s Home Affordable Modification Program (HAMP) increased by 45% in February. In total, the HAMP program modified 170,000 mortgages during February, with “an additional 91,800 permanent modifications" being approved by servicers, the release added. According to the report, “borrowers in active trial and permanent modifications have saved more than $2.7 billion through HAMP modifications,” with a median savings of $519 per borrower, “or 36% of the median before-modification payment.” The program has been most active in California, with Florida ranking a close second in the number of active trials and permanent mortgage modifications. The New York, Los Angeles, Chicago, and Miami metropolitan areas had the highest HAMP participation among larger cities. For the full report, use the resource link.
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