U.S. says 11 pct of home loan modifications fail

WASHINGTON Mon Oct 25, 2010 3:00pm EDT

WASHINGTON Oct 25 (Reuters) - The U.S. Treasury Department said on Monday that 11 percent of the permanent loan workouts for troubled homeowners entered into in the last nine months have defaulted.

In total, it says nearly 500,000 permanent modifications have been negotiated with lenders under the Making Home Affordable Program and nearly 28,000 modifications were reported in September. (Reporting by Glenn Somerville; Editing by James Dalgleish)

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