NEWS FLASH

Mortgage Modifications Hit New Low For Second Consecutive Month | Mortgage modifications under the Home Affordable Modification Program (HAMP) — the Obama administration’s signature foreclosure prevention effort — fell to their lowest level “since shortly after the program’s launch early in 2009″ in July, according to the latest data. Just 14,000 homeowners received modifications that month, even fewer than the 15,000 who saw their mortgages modified in June. As the Huffington Post’s Arthur Delaney noted, “as of July, 675,447 homeowners were in permanent modifications, while nearly 900,000 trial and permanent mods had been canceled.”