Loan Modifications not Getting Better – Bank of America Worst

Tuesday, August 4th, 2009 Bank Wrongs by callender.john

For those of you who are not sure this is a real issue, check out todays Bloomberg.com.

Bank of America Corp. and Wells Fargo & Co. were the worst performers among the biggest U.S. banks in modifying loans for struggling homeowners, according to a Treasury Department report.

Bank of America began 27,985 trial loan modifications, or 4 percent of its eligible loans, under the government’s Making Home Affordable program started in March, the report today shows. Wells Fargo had a 6 percent rate, trailing JPMorgan Chase & Co.’s pace of 20 percent, and Citigroup Inc.’s 15 percent.