St Louis Loan Modification Programs: Mortgage Modifications Slow

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St Louis Mortgage and Real Estate News –

St Louis Loan Audit News: Loan Modification Programs Running Slow With Less Than Stellar Results
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending

There were 28,000 permanent mortgage loan modifications reported in September 2010 under the Home Affordable Modification Program, better known as HAMP. That's down from more than 33,000 in August.

A total of 495,898 borrowers have received permanent loan modifications since HAMP was launched in 2009.

Of that half-million homeowners, 11 percent redefaulted on their new lower-cost loans after nine months.

After six months, less than 10 percent of modified loans were delinquent.

Banks start by offering trial modifications to see if homeowners qualify for the program and can afford the new payments.

Most end up dropping out or removed for non-qualification reasons.

Nearly 1.4 million trials have been started thus far, with 35,297 of them happening in September.

Raphael Bostic, assistant secretary of the U.S. Department of Housing and Urban Development, said the Obama administration's efforts have helped "millions of families" stay in their homes, though no one else seems to agree with him.

"With many unavoidable foreclosures still in the pipeline, it's clear that we have a hard road ahead," Bostic said in a statement.

Indeed. Meanwhile, according to the Special Inspector General for TARP, a congressional mandated watchdog for the program The Troubled Asset Relief Program has so far "fallen woefully short" of preserving homeownership through the Obama administration's modification efforts.

"For example, as SIGTARP has noted in past quarterly reports, increased moral hazard and concentration in the financial industry continue to be a TARP legacy," according to the report.

"The biggest banks are bigger than ever, fueled by government support and taxpayer-assisted mergers and acquisitions."

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