Residential servicers completed 36,400 Home Affordable Modification Program (HAMP) modifications in March, a 39% jump from February, according to a new report from the Treasury Department.
Treasury's findings show that nearly 670,200 borrowers have been approved for a permanent HAMP modification since the program was started with about 88% of those borrowers still in their homes.
The latest figures also show the 90-day delinquency rate on Home Affordable Modification Program loan restructurings is 15.9% after 12 months.
"By providing modifications that are sustainable for homeowners over time, HAMP is setting standards for the industry that ultimately mean more options for more families to avoid foreclosure," said acting Treasury assistant secretary Tim Massad.
Nearly 75% of Citigroup's modifications are HAMP mods, the company's chief financial officer said recently. "We continue to experience re-default rates on HAMP modified loans of less than 15%," CFO John Gerspach said in discussing the bank's first quarter earnings.
