A report released yesterday by the Treasury Department showed that only 9% of eligible homeowners have received a trial mortgage modification under Obama’s $75 billion plan to help struggling homeowners avoid foreclosure.
The report laid out the modification progress of all major lenders. Results showed Bank of America efforts trailing others- since the program started, they have only modified 4% of eligible mortgages. JPMorgan Chase has made the most progress- modifying 20% of eligible holders’ mortgages.
Treasury officials say the number of modifications so far is projected to help 3 to 4 million homeowners over the course of the next three years. They’re ramping up the pressure on lenders to treat borrowers better and increase their capacity to reach more eligible mortgage holders. By November 1, the government plans to reach its goal of 500,000 trial mortgage modifications.
http://www.usatoday.com/money/economy/housing/2009-08-04-mortgage-accounting_N.htm
Do you Want to say something?