Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank, continues to outpace the industry in permanent modifications in the government’s Home Affordable Modification Program (HAMP). Of Fifth Third's portfolio eligible for HAMP consideration, more than 79 percent of trial plans have been converted to permanent modifications. According to U.S. Treasury data recently released through March 2011, that percentage is well above the national average of 42.9 percent. “Foreclosures and modifications continue to be an important item in today’s environment,” said Steve Alonso, executive vice president and head of Fifth Third’s Consumer Bank. “As we have said and committed to since the inception of HAMP and programs like it, Fifth Third continues to work hard in converting eligible homeowners into this program and into others that help keep customers in their homes." Fifth Third uses HAMP on its Fannie Mae- and Freddie Mac-owned mortgages, per government sponsored enterprise (GSE) guidelines. The U.S. Department of Housing & Urban Development (HUD) created a program similar to HAMP for the mortgages it owns and the Bank services. Both programs require a three-month trial modification period before being converted to permanent status. In addition to utilizing the government’s HAMP program, Fifth Third continues to use its “You Have Options” program for bank-owned mortgages. Fifth Third’s “You Have Options” program is tailored, through a menu of options, to each customer’s specific financial situation. The program allows Fifth Third to offer flexible-term and rate adjustments to bank-owned mortgages.