December 11, 2009
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Government mortgage plan provides little permanent help
The Obama administration’s mortgage relief plan has provided permanent help to only 4 percent of borrowers who have signed up.
Bank of America had the worst performance in the Treasury report released Thursday, with just 98 completed modifications out of 160,000 borrowers who had signed up by November 30.
The TOP PERFORMING lender is GMAC with just 7,100 completed modifications.
Approximately 760,000 homeowners have signed up for the program since March. Just over 31,000 homeowners have received permanent loan modifications.
The administration has said it will keep pressure on lenders to make more modifications permanent. Many banks are unable to handle the current number of applications. And many frustrated homeowners are told they do not meet the requirements.
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