Today, the Obama Administration released its second monthly Servicer Performance Report under the Making Home Affordable Program (“MHA Program”). The purpose of the report is to provide transparency and information about the number of homeowners that have been assisted under the MHA Program and make available information regarding servicer performance. Today’s report highlights the progress made through August 2009. In pertinent part, the report showed the following changes since the last report:
- Servicer loan modifications rose from 235,247 to 360,165;
- Trial loan modifications rose from 406,542 to 571,354; and
- Total number of eligible loans started rose from 9 percent to 12 percent;
The report also identifies changes in modifications on an institution-specific basis. This report comes one day after a House subcommittee heard testimony from members from regulatory agencies, consumer groups and the banking industry on the progress made under the MHA Program.