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||3.88%||3.84%|
|15 yr fixed||3.09%||3.05%|
|30 yr refi||3.86%||3.82%|
|15 yr refi||3.09%||3.04%|
Today's featured rates:
Starbucks executive chairman Howard Schultz says that male executives must be vulnerable to be great leaders. More
Blue Cross and Blue Shield of Kansas City is exiting Obamacare in 2018, possibly leaving nearly 19,000 Missouri residents without coverage option next year. More
Analysts at Morgan Stanley estimate that Waymo -- the self-driving car startup that is owned by Google parent Alphabet -- could be worth $70 billion. It seems like a stretch given that Waymo is unlikely to be profitable until 2022. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Want to keep more of your money? Do these five things -- each of which takes 20 minutes or less -- so you can cut your spending and fatten your pocketbook. More