500,000 Loan Modification Milestone Reached

The Treasury Department reported on Thursday that under the Making Home Affordable program, more than 500,000 trial loan modifications are in progress.

Earlier this year in July, the Treasury and the U.S. Department of Housing and Urban Devolopment (HUD) set the 500,000 benchmark for November 1. This goal pushed servicers to ramp up program implementation and sustain a faster pace of modifications; trial modifications are now being issued at a faster rate than new homeowners are becoming eligible, the Treasury said in a statement.

Still, the Administration believes that more can and should be done to assist struggling homeowners and to stabilize the housing market. As part of a continued effort to improve program performance, senior Treasury and HUD officials held the next in a series of meetings with servicers on Thursday to discuss improving servicer efficiency and responsiveness to borrowers during the modification process.


Source:
U.S. Department of the Treasury