Industry NewsMortgage

Loan mods up, foreclosures drop

Robo-signing eases pressure on distressed owners -- for now

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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.In a separate "housing scorecard" rounding up various statistics, the Obama administration noted that foreclosure-related filings dropped 21 percent from October to November, citing a report by data aggregator RealtyTrac that 262,339 U.S. properties were hit with foreclosure filings last month."While this is the biggest month-over-month decrease since 2005, the decline is likely to be temporary as lenders eve...