The U.S. Department of Housing and Urban Development (HUD) and the Department of the Treasury, in their April 2012 housing scorecard, report mortgage delinquencies are significantly below levels of a year ago, having declined four straight months; and sales of existing homes in the first quarter were 5.3 percent better than a year ago. The government says over 5.9 million modification arrangements were begun between April 2009 and March 2012, including 1.8 million Home Affordable Modification Program (HAMP) loans, 1.3 million FHA loss mitigation interventions, and 2.8 million proprietary mortgage modifications. HAMP modifications saved 990,000 homeowners participating in the program an average of $535/mth, with an estimated total of $12.2 billion to date. MHProNews.com has learned the Office of the Comptroller of the Currency (OCC) says for Q4 2011 industry modifications have a higher delinquency and default rate than HAMP modifications.
