Banks offer more loan modifications than HAMP

08/31/2010 | CNNMoney

Banks are offering twice as many loan modifications to delinquent homeowners under their own foreclosure prevention programs than under the Obama administration's Home Affordable Modification Program, but the terms may not be as good as HAMP, which reduces monthly payments to 31% of pretax income. Approximately 78% of banks' modification programs involved reducing the interest rate and principal, according to Hope Now, a group of mortgage servicers, investors and housing counselors.

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