The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) released the August report under the Home Affordable Modification Program (HAMP). According to the report, more than 468,000 homeowners are operating under permanent loan modifications at the end of August, up more than 33,000 since the end of July. Despite the increase in permanent modifications, more than 663,000 modifications have been cancelled, an increase of over 47,000 from the previous month. Initial trials have increased, with 26,628 reported in August, compared with 24,577 in July, but the total number of modifications (trial and permanent) continues to fall, with 651,458 modifications through the end of August compared with 677,738 in July.
September’s Monthly Housing Scorecard was also released, noting that 3.35 million home mortgages have been restructured as compared to 1.24 million mortgages that have gone to foreclosure since April 2009.