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According to an article in the Star-Telegram the government has released the first list of mortgage lenders who have failed or succeeded to make a significant impact with the foreclosure prevention plans implemented by the government. According to the article, only 9 percent of eligible borrowers have reduced their mortgage payments with modified loans and 10 mortgage lenders have failed to modify one single mortgage. Below are a few of the mortgage companies included in the first report on the progress and effectiveness of the foreclosure prevention program:
Bank of America – Modified 4 percent of eligible loans facing foreclosure.
Wells Fargo – Modified 6 percent of eligible loans facing foreclosure.
Wachovia – Modified only 2 percent of eligible loans facing foreclosure.
American Home Mortgage Servicing – Modified exactly ZERO eligible loans facing foreclosure.
PNC Financial Services Group – Modified exactly ZERO eligible loans facing foreclosure.
Best Performers:
Saxon Mortgage Servicers – Modified 1 out of every 4 eligible loans facing foreclosure on a three month trial basis.
Aurora Loan Services LLC.- Modified 1 out of every 5 eligible loans facing foreclosure on a trial basis.
GMAC Mortgage – Modified 1 out of every 5 eligible loans facing foreclosure on a trial basis.
JPMorgan Chase – Modified 1 out of every 5 eligible loans facing foreclosure on a trial basis.
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