Bank Of America Says Quadrupled “permanent” HAMP Mortgage Modifications.
Of course, it is easier to get big percentage gains when you start with small numbers.
3,200 permanent HAMP mortgage modifications was the starting number here, as of the end of 2009.
No word on how many of these lowered the principal balance, or if the bank just agreed to rewrite how the homeowner was going to pay them back.
“Permanent” HAMP mortgage modifications can change after five years.
As Bank of America bought Countrywide, the #1 offender, I am not sure how many millions of mortgages they hold, or how many tens of thousands of foreclosures they have started.
Some experts are predicting foreclosures to double in 2010.
Estimates of the “shadow inventory”, foreclosed homes banks have taken back, but not yet put up for sale, range from 1.7 to 7 million.
Standard & Poors estimates, conservatively, it says, that it will take 33 months at current rates to get rid of all the shadow inventory.
Which means, more downward pressure on home prices.
HAMP Mortgage Modifications Quadrupled, Says Bank Of America
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