California Department of Corporations Commissioner Preston DuFauchard has released the most recent results of an ongoing survey of home mortgage lenders and servicers in the state. The data indicate significant continuing success of the Governor's Subprime Mortgage Agreement, which was announced last November.
‘The newly issued figures for loan modification efforts to prevent home mortgage foreclosures in California show that the Governor's Agreement has helped result in a near doubling of loan modifications in the third quarter since the beginning of 2008,’ says DuFauchard.
The third-quarter results show that both the total number of loan workouts initiated and the number of loan workouts closed have increased. Total number of loan modifications rose significantly to 14,060 in September – the highest monthly count since reporting began. In addition, modifications as a share of total workouts passed 50% for the first time in September.
Full survey results are available at http://www.corp.ca.gov/press/news/SPL/ServicerSurvey0808.pdf
Source: California Department of Corporations