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The Banks Modifying Home Loans
Morgan Stanley, Citigroup Inc. and JPMorgan Chase & Co. lead the pack of U.S. banks modifying home loans to troubled borrowers under the Obama administration’s main foreclosure prevention plan, the Treasury Department said.
Citigroup, the third-largest U.S. bank by assets, began 88,968 trial modifications, or 40 percent of its eligible mortgages, under the Making Home Affordable Program this year, Treasury data through October shows. JPMorgan, the second- largest U.S. bank, has started 133,988 modifications, or 32 percent of eligibility, the Treasury said in a statement today.
Morgan Stanley’s Saxon Mortgage Services had begun trials for 44 percent of its 80,477 eligible loans. In all, 20 percent of eligible U.S. homeowners have received trial modifications through the government program, according to the data.
“We’re reaching borrowers at a larger scale than any other modification program to date, but there’s still much more work to be done,” Assistant Treasury Secretary Michael Barr said in the statement.
More than 650,994 modifications had been started through the government program as of last month, up from about 487,081 as of September, the Treasury said. The program was announced in February as a way to combat a surge in foreclosures that has pushed property values lower and curtailed economic growth.
Ahorre November 12, 2009 10:45 AM | Deudas