February loan mod data report finds permanent mods increased by 45 percent

The U.S. Department of the Treasury and the U.S. Department of Housing & Urban Development (HUD) have released February data for the Administration`s Home Affordable Modification Program (HAMP). As of the end of the month, more than one million borrowers were receiving a median savings of $500 each month, a 36 percent median monthly payment decrease. Permanent modifications have been granted to 170,000 homeowners and an additional 91,800 permanent modifications have been approved by servicers and are pending only borrower acceptance. Highlights of the report include: