Hope Now released its February 2014 loan modification data, which found that an estimated 42,000 homeowners received permanent modifications in the month, including modifications from proprietary programs and the government's Home Affordable Modification Program, or HAMP. Modifications decreased by 5 percent from January to February. Approximately 5-point 6 million homeowners have received proprietary loan modifications, while approximately 1.3 million homeowners have utilized HAMP modifications.
Delinquencies of 60 days or more were under two million for the second straight month at approximately 1.98 million. Comparatively, there were 4.1 million homeowners in 60 days or more delinquency in December of 2009—more than twice the current number. Short sales decreased in February to 11,000, an 8 percent drop from January's figure of 12,000. Completed deed-in-lieu transactions were roughly 2,300 in February, down 8 percent from 2,500 transactions in January, according to Hope Now.
Citigroup's earnings outperformed analysts' expectations for the first quarter, reporting profits of $3.9 billion in the first quarter of this year, just barely edging out last year's income of $3.8 billion. Gains were more impressive when put next to Q4's earnings, which disappointed at $2.5 billion. The gain came despite a year-over-year drop in total revenues, which were down 1 percent to $20.1 billion as a result of declines in fixed income markets revenues and lower refinancing activity.