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Administration sounds positive note with September housing scorecard.

On Oct. 5, the Obama administration released its September housing scorecard and underscored the point that national housing market equity has risen by $86o billion since the end of 2011. The administration also noted that August produced the highest level of existing-home sales in more than two years.

The administration used a press release announcing the scorecard results to prod Congress to take action on some refinancing legislation that the Obama administration backs. "The administration's efforts to keep housing affordable and refinances strong are critical with so many households still struggling to make ends meet. That is why we continue to ask Congress to approve the president's refinancing proposal so that more homeowners can secure the help they need," said Department of Housing and Urban Development (HUD) Acting Assistant Secretary Erika Poethig.

The scorecard press release noted that homeowner equity rose $406 billion in the second quarter of 2012 to a total of $7.275 trillion. The number of underwater borrowers has declined by 11 percent since the end of 2011, according to the joint HUD/Treasury Department press release. The total count of underwater borrowers went from 12.1 million in the fourth quarter of 2011 to 10.8 million in the second quarter of 2012.

The number of proprietary mortgage modifications done through the efforts of HOPE NOW servicers grew to more than 3 million through July. Significantly fewer borrowers have received a permanent modification through the Home Affordable Modification Program (HAMP). As of August, the number totaled more than i million, according to the release.
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Title Annotation:Briefing Book
Comment:Administration sounds positive note with September housing scorecard.(Briefing Book)
Publication:Mortgage Banking
Date:Nov 1, 2012
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