Only 1 Out Of 1,600 Borrowers Have Received Permanent Modifications
Huffington Post | Marcus Baram
First Posted: 12-11-09 01:09 PM | Updated: 12-11-09 02:45 PM
On Monday, the Huffington Post’s Shahien Nasiripour reported on the failure of President Obama’s $75 billion foreclosure program, citing JPMorgan Chase’s prediction that only 15 out of 100 homeowner applicants have or will likely receive a permanent loan modification.
So far, the actual numbers are worse — much worse.
According to a new Treasury Department report, fewer than 5% of borrowers participating in the Home Affordable Modification Program have received permanent loan modifications.
And some of the biggest TARP recipients — Bank of America and Citibank — have especially paltry rates.
At Bank of America, only 98 out of 156,864 borrowers in the trial program had received permanent fixes. That’s 1 out of every 1,600 borrowers.
At Citibank, only 271 out of 100,124 borrowers in the trial program received permanent loan modifications. That’s 1 out of every 369 borrowers.
In comparison, other giant banks had much higher..read more here