NOVEMBER 3, 2010: Of the roughly 16,000 mortgage modifications done on Freddie Mac loans in the second quarter of 2009, 42% had fallen back into delinquency 12 months after the workout, according to the third quarter financial supplement from the government-sponsored entity.
Critics of the Treasury’s Home Affordable Modification Program, which was launched in March 2009, pointed to growing redefault rates as proof the program is not having its intended effect on foreclosures. In fact, modifications completed through private programs outnumbered HAMP mods four to one in September.
