Private Loan Modifications Grow Significantly
Reports by Diana Olick noted that The Hope Now Alliance, “the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors,” assisted “99,499 homeowners in receiving proprietary loan modifications in one month.
Data also shows that a total of 50,364 HAMP modifications were completed by the U.S. Treasury for January 2010.
Thus the total loan modifications in both the public and private sectors came to almost 150,000 for the month of which 74% of these loan modifications involved reductions of principal and interest payments.
What is interesting that the private loan mods outnumbered the U.S. Treasury loan mods 2 to 1 showing further proof that the industry is looking at other solutions designed to keep families in their homes.