NEW YORK (CNNMoney.com) -- The government's main foreclosure-rescue program continues to show signs of slowing progress, according to a federal report released Monday.
There were 28,000 permanent mortgage modifications reported in September under the Home Affordable Modification Program, known as HAMP. That's down from more than 33,000 in August.
HAMP is designed to help eligible borrowers modify their home loans to make their monthly payments more affordable.
A total of 495,898 borrowers have received permanent loan modifications since HAMP was launched in 2009. Of that half-million homeowners, 11% redefaulted on their new lower-cost loans after nine months. After six months, less than 10% of modified loans were delinquent.
Banks start by offering trial modifications to see if homeowners qualify for the program and can afford the new payments. Nearly 1.4 million trials have been started thus far, with 35,297 of them happening in September.
Raphael Bostic, assistant secretary of the U.S. Department of Housing and Urban Development, said the Obama administration's efforts have helped "millions of families" stay in their homes, though he acknowledged that more needs to be done.
"With many unavoidable foreclosures still in the pipeline, it's clear that we have a hard road ahead," Bostic said in a statement.
Meanwhile, the HAMP program has influenced loan modification standards across the mortgage industry, according to Tim Massad, Assistant Secretary for Financial Stability.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.94%||4.01%|
|15 yr fixed||3.13%||3.14%|
|30 yr refi||3.95%||4.05%|
|15 yr refi||3.20%||3.16%|
Today's featured rates:
Baltimore Orioles executive John Angelos said he would want President Trump to apologize for all the offensive comments he's made before he's invited to throw out the first pitch at Camden Yards. More
A draft of the House Republicans' bill to repeal Obamacare would replace its subsidies with less generous tax credits, increase the amount insurers could charge older Americans and effectively eliminate Medicaid for low-income adults. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
New York Republicans want to make sure students at private colleges get more help paying for college, too. More