The Federal Housing Finance Authority released numbers this week for its Streamlined Modification Program through May 31, 2009. The program was initiated in November 2008 and discontinued in April of this year. This report does not include data on the Obama Administration’s Making Home Affordable initiative. Here are the highlights of the report.
- Loan modifications accounted for 47 percent of all completed foreclosure prevention actions in May 2009.
- Completed short sales saw an uptick of 3 percent to 3,700 in May. This is three times the reported volume a year earlier.
- Delinquency continued to shoot up. An additional 80,100 went 60 days late or more in May. That was a 7 percent increase in and brings the number to over 1.3 million.
- Income loss continues to be the number one cause of delinquency as it grew from 34 percent to 40 percent in May.
Many of the numbers for the program are trending down. Completed repayment plans dropped as did completed loan modifications. It is explained by the report that the falling numbers are due to the fact the program was discontinued and resources had been shifted to the newer Home Affordable Modification Program that is apart of the Making Home Affordable plan.
Completed loan modifications declined for the second straight month.
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