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The Treasury unveiled [2](PDF) new data last Friday showing the progress of its major foreclosure prevention program. Treasury officials touted [3]the new data as evidence that pressure on mortgage servicers to improve performance was working, but the numbers continue to show real problems. And though there is a wide disparity in performance among the participating servicers, the four largest all continue to lag.
First, a look at the overall numbers: 66,465 homeowners had received permanent modifications as of Dec. 31. That’s up from 31,382 reported last month [4]. On a conference call with reporters Friday, Treasury official Phyllis Caldwell called that a “significant acceleration of the rate at which borrowers are being approved.” That may be, but it’s still well below where it should be if the program were working properly.
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