The foreclosure tide is still rising. RealtyTrac reported Thursday that foreclosure filings were brought against nearly one million properties during the first three months of 2010. That's a seven percent increase from the previous quarter, 16 percent higher than a year ago, and equates to one in every 138 homes in the United States. RealtyTrac noted, though, that within those numbers, bank repossessions reached their highest total the company has every documented - perhaps evidence that lenders are starting to make a dent in the backlog of distressed inventory that has built up over the last year.
The Home Affordable Modification Program (HAMP) has been the target of some heavy criticism, with naysayers taking aim at everything from the program's slow progress to servicers' lack of capacity to handle large-volume modification work. The latest numbers may be more fodder for the fire. Treasury's HAMP report card shows 230,801 homeowners have been granted permanent modifications under the program, and the number of permanently modified loans to re-default has nearly doubled in one month's time.
The day Treasury released new numbers for its Home Affordable Modification Program (HAMP), the Congressional Oversight Panel put out its own report. More than a year into the program, and Treasury "is still fighting to get its foreclosure programs off the ground, even as the crisis continues unabated," said Elizabeth Warren, who heads the independent panel. According to the report, for every borrower who avoided foreclosure through HAMP last year, another 10 lost their homes.
Got an insider's view into the workings of the nation's mortgage market, what's right and what's wrong? How about a strategy on reforming the housing finance system? President Obama and his administration want to hear your ideas. Somewhere in the trenches may lie the answers policymakers are looking for. The federal government released a list of questions Wednesday soliciting input and opinions from market participants and industry groups on how to restructure the mortgage finance system.
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