OBAMA
ADMINISTRATION RELEASES
NEW DATA
ON
MAKING HOME AFFORDABLE
PROGRAM,
ACHIEVES
KEY MILESTONE WEEKS AHEAD
OF SCHEDULE
WASHINGTON – Today,
almost
one month
ahead of
a November
1 benchmark
set earlier
this year,
the U.S.
Department
of the
Treasury
and U.S.
Department
of Housing
and Urban
Development
(HUD) announced
a new milestone
of more
than 500,000
trial loan
modifications
in progress
under the
Making
Home Affordable
program.
The
goal of
500,000
trial loan
modifications
by November
1 initially
set in
July 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.
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
this afternoon,
with discussion
focused
on improving
servicer
efficiency
and responsiveness
to borrowers
during
the modification
process.
Additionally,
Treasury and HUD
released today the
next Monthly MHA Program
Report, which tracks
servicer performance
through the month
of September – ending
September 30, 2009.
That report can be
found here: http://www.treas.gov/press/releases/docs/MHA%20Public%20100809%20Final.pdf.
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