Tuesday, June 22, 2010

Chicago ranks third in getting mortgage help

The region accounts for 5.1 percent of activity nationwide in the Obama administration's Home Affordable Modification Program, or HAMP, said the report from the U.S. Treasury Department.

The program started in response to record home foreclosures amid the economic crisis, high unemployment and mortgage scams. The federal government gives incentives to lenders to change the existing mortgage by reducing the monthly payments. Banks usually change the mortgage by lowering interest rates or extending the loan term, but few have offered to reduce or eliminate home-equity loans or lines of credit.

The Chicago area's activity ranking is below the 6.4 percent in the L.A. area and 6.1 percent in the New York area, and just ahead of Riverside, Calif.'s, 5 percent. In total numbers, 17,428 Chicago-area homeowners won permanent loan modifications, an increase of 17 percent from 14,890 in April, the report stated.
Via CapFax morning shorts!

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