Original posted on Calculated Risk:
From Treasury: Administration Releases December Loan Modification Repot, Update on Conversion Drive
Click on graph for larger image in new window.
Just over 66,000 modifications are now permanent, and this shows about a 43% failure rate (loans permanent divided by loans permanent + loans no longer active)
Here is the link at Treasury. See here for a list of reports.
If there were 270,000 cumulative HAMP trial modifications in July - how come there were only 66,465 permanent mods and 48,924 disqualified modifications by the end of December? The numbers don't add up.
What happened to the other 150,000+ modifications? I guess they have all been extended until the end of January.
And of the 787,231 active trial modifications, are all the borrowers current? My understanding was the HAMP data would show how many trial modifications had started, and the redefault rate by month. That key data is still missing.