Industry NewsMortgage

Loan mods up, foreclosures drop

Robo-signing eases pressure on distressed owners -- for now
Published on Dec 22, 2010

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by CareyBot

Loan servicers participating in the government's Home Affordable Modification Program (HAMP) boosted the number of trial and permanent loan modifications offered to borrowers in November, even as fallout from the "robo-signing" scandal put a damper on foreclosure filings.

HAMP loan servicers put 31,290 borrowers in trial loan modifications in November, a 20 percent increase from the month before, the Treasury Department said in its latest monthly HAMP report. Another 29,927 borrowers received permanent loan modifications, up 26 percent from the month before.

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