CitiMortgage said it is the fourth largest U.S. mortgage servicing company.

Foreclosures are still on the rise despite signs that the U.S. housing is stabilizing from its worst downturn since the 1930s, raising concerns that burgeoning inventories could keep the broader economy in recession. Delinquencies are also on the upswing.

Disappointment over lender responses to HAMP led Treasury officials to set a goal of 500,000 Mortgage News Home Loans modifications by November. Through July, modifications under the program had topped 200,000, the Treasury said earlier.

Citi was able to ramp up its modifications under HAMP after increasing its loss mitigation staff by about 45 percent since the start of the year, to 4,500, Das said.

"My colleagues across the industry are driven by this same sense of urgency," Das said.

The percentage of borrowers that defaulted again after receiving a modification from CitiMortgage was 29 percent or less between the first quarters of 2008 and 2009, the report said. The rate improved for loans modified in the first quarter, it said.

Most modifications to meet HAMP objectives have been done with interest rate reductions or extended repayment periods, Das said. Only in extreme cases does a borrower need principal forbearance to achieve affordability, he said. (Editing by Leslie Adler)

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