Tim Rood wrote an interesting post today on
Here’s a quick excerpt
Modifications
under the HOPE NOW alliance declined significantly in April, due
entirely to a decline in the number of proprietary transactions.
HOPE NOW said its members completed 69,888 loan modifications during
the month, down from 88,485 in March. Modifications completed under
the Home Affordable Modification Program (HAMP) actually increased
slightly, from 11,913 to 11,966 but proprietary modifications fell to
57922 from 78,522.
Of
the proprietary modifications in April, 93 percent included interest
rates that were fixed for at least five years, 83 percent featured
reduced principal and interest payments, and for 76 percent that
reduction was greater than 10 percent.
Since
HOPE NOW was begun as a voluntary, private sector alliance of
mortgage servicers, investors, mortgage insurers, and non-profit
counselors in 2007 its members have completed 6.39 million loan
modifications, 5.2 million under proprietary auspices and 1.19
million through HAMP (which began in 2009).
…(read more)
Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Read the rest of this great post here