Is there true help for distressed homeowners? Refinance Volumes and HAMP Modifications Increased in December

Washington, DC – Fannie Mae and Freddie Mac initiated more than 485,000 mortgage loan modifications through December 2009, under the Administration’s Home Affordable Modification Program (HAMP). Total refinance volume increased in December, including those under the Home Affordable Refinance Program (HARP). The data were released by Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), as part of the agency’s monthly Foreclosure Prevention Report.

The report summarizes foreclosure prevention data for Fannie Mae and Freddie Mac through October, 2009, and includes HAMP modification data and refinance data through December, 2009.
The report shows:

Foreclosure Prevention Actions:

As of December, 2009, the Enterprises had initiated nearly 43,000 HAMP permanent modifications and 442,500 active trials.

Completed loan modifications declined to approximately 7,000 in October, from 12,500 in September

Other completed home retention actions such as repayment plans and forbearance plans increased in October. Repayment plans increased 12 percent while forbearance plans increased 38 percent in October

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