More than 123,000 reductions in second liens have been completed through November, according to the overall update for the Home Affordable Modification Program (HAMP), the Obama Administration’s primary anti-foreclosure effort since 2009 which has been widely criticized for its under-performance.

Congressman Mel Watt, the incoming director of the Federal Housing Finance Agency, the independent regulatory over Fannie and Freddie, has said he plans to delay the fee increases announced on Dec. 9 by the current FHFA director, Edward DeMarco. Such fee increases are typically passed on to borrowers in the form of higher interest rates.