|
|
Article: Trial Loan Mod Offers Increase.(Mortgages)(Making Home Affordable )
- Article from:
- American Banker
- Article date:
- November 11, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Kate Berry
Mortgage servicers dramatically increased the number of trial loan modifications offered to borrowers under the Making Home Affordable program in October, but the number of permanent modifications remained small.
The Treasury Department said Tuesday that trial modifications were given to 163,913 borrowers in October, a 38% increase from September, bringing the total number of trial modifications so far to 650,994.
The agency, however, did not release the number of trial mods that were converted to permanent.
"There are far fewer borrowers who have hit the deadline for converting to permanent modifications. It's a ...