Permanently Modified Mortgages Grow by 45%
The Obama administration Friday said its mortgage modification program continued to make progress, with the number of homeowners receiving permanently reduced monthly payments in February increasing by 45% to 168,708.
An additional 91,483 three-month trial modifications have been approved by the companies servicing the mortgages and were awaiting acceptance by the borrowers, the Treasury Department reported. Though the numbers continue a steady increase in recent months, only about 15% of homeowners who have started trial modifications have had them made permanent.
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