Freddie Mac PMMS: Mortgage rates fall again this week, hitting another record-breaking low
HOPE NOW report: Lending industry modified 134,000 mortgages in FebruaryMortgagePress.comloan modifications, workouts, HOPE NOW, Faith Schwartz, Making Home Affordable HOPE NOW, the private sector alliance of mortgage servicers, non-profit counselors, and investors that has been working aggressively to prevent foreclosures and keep homeowners in their homes, today announced that its members and the larger mortgage lending industry modified 134,000 mortgages in February, a nine percent increase over the number of mortgages that were modified in January. The combination of 134,000 mortgage modifications and 110,000 repayment plans means that, in February 2009, HOPE NOW members and the larger mortgage lending industry helped 244,000 at-risk homeowners (homeowners in danger of losing their homes) avoid foreclosure through one of these two mortgage solutions. This is the first time since HOPE NOW began to compile data in July 2007 that the number of foreclosure preventions has exceeded 200,000 for six consecutive months. This is a more than 30 percent increase over the last six months. According to Faith Schwartz, HOPE NOW's executive director, the mortgage lending industry is working hard to provide multiple options for borrowers to avoid foreclosure. "We expect the trend to continue as many companies expand their offerings to include the administration's Making Home Affordable refinance and modification programs," she said. "The mortgage lending industry is responding to the needs of its customers and offering solutions that are appropriate to the current market and economic conditions," she added. The HOPE NOW February data does not yet reflect the impact of the Obama administration's recently announced Homeowner Affordability and Stability Plan which has not yet been implemented. The HOPE NOW February data shows: • Modifications were more than half of all solutions provided to homeowners • The number of foreclosures started in February increased from 217,000 in January to 243,000 • Completed foreclosure sales increased from 68,000 in January to 87,000 in February "Currently 5.5 percent of the total mortgage market is 60 days or more delinquent," Schwartz said. "Because of this, HOPE NOW members are working hard to help the administration implement its recently-announced foreclosure prevention initiative as well as working on additional ways we can be more efficient in helping at-risk homeowners." HOPE NOW collects data each month from 26 institutions. That means that the information is comprehensive and provides an excellent picture of what is happening in the mortgage lending industry as a whole. A summary table of the results is attached and can be found by clicking here. For more information, visit www.hopenow.com.