Ocwen says completes 45 pct of mortgage modifications
* Converts 13.9 pct of its customers' trial modifications
* Shares rise 2 pct to new year-high
Oct 12 (Reuters) - Ocwen Financial Corp (OCN.N), a subprime mortgage servicing company, said it completed 44.6 percent of all of the permanent mortgage modifications done by the industry under the Treasury Department's Home Affordable Modification Program (HAMP).
Ocwen said it converted 13.9 percent of its customers' trial modifications to permanent status, compared with 1.26 percent of all such customers under HAMP, as of Sept. 1.
Last week, Treasury Secretary Timothy Geithner said some half a million American families are now participating in the home loan modification program initiated by the Obama administration to try to slow the rate of foreclosures.
HAMP reduces monthly mortgage payments to help borrowers who are facing foreclosure keep their homes and pays cash incentives to mortgage servicers to reduce monthly payments.
Ocwen's shares were up 2 percent at $11.90 Monday morning on the New York Stock Exchange. They touched a 52-week high of $11.95 earlier in the day. (Reporting by Brenton Cordeiro in Bangalore; Editing by Unnikrishnan Nair)
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