Loan Mortgage Modifications More Successful Lately

February 26, 2010

Loans & Mortgages

Loan Mortgage Modifications More Successful Lately –

As of last month, Bank of America Corp. had completed loan mortgage modifications for just over 5 percent of the roughly 240,000 borrowers who started the process. JPMorgan Chase & Co. and Citigroup Inc. were also below 10 percent.

The government “massively overestimated the ability of the mortgage industry to roll out a new program with a lot of paperwork,” said Thomas Lawler, an independent housing economist in Virginia.

By contrast, companies that are trying to process tens of thousands — rather than hundreds of thousands — of loans are loan mortgage modificationfaring better. Ocwen Financial Corp. had completed loan mortgage modifications for nearly half of the 14,000 borrowers it signed up. GMAC Mortgage completed the process for a third.

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