A Picture says a 1,000 words – More on Sad State of Loan Modifications

Thursday, August 6th, 2009 Bank Wrongs, Government Hope by callender.john

Today’s Boston Globe had the best graph of the success of major banks efforts to move forward with Loan Modifications.. And the sh

In March, the government launched the $50 billion program to help up to 4 million financially troubled borrowers, those who can’t afford to pay their mortgages because their interest rates spiked or they have lost income. The Treasury’s report card analyzed eligible loans that were delinquent for at least 60 days. It showed that only 235,247 of those borrowers, or 9 percent of the total, have been given a three-month trial modification, which becomes permanent if the borrower pays on time.

Click here for the full article