Posted on Monday, March 15, 2010
Even with a 45% increase since January, only 170,000 folks have seen permanent modifications. Even Treasury's estimate that 1.8 million of the borrowers behind on their payments are eligible for the program is frustrating given the original promise to help 3 to 4 million.
February's HAMP report card released last week,tells us over 1.3 million have received trial modifications offers which translates to about 40% of the promised 3 to 4 million but the game of semantics is happening again as the Feds claim it promised to merely extended offers to 3 to 4 million, not actaully help and save 3 to 4 million homes. Check the old press releases...wrong!
91,843 permanent modifications are pending. So far this is where a lot of the trials have failed. The solution is a soon to be implmented requirement - as of June 1 - that all paperwork be submitted up front.
According to the report card, 0.9% of permanent mods have been canceled, for failure to make payment. Of all modifications started, 8.2% canceled.
Wells Fargo has completed 24,975 permanent modifications.
Bank of America 20,666 with another 22,000 pending.
JPMorgan Chase 19,385