Tracking Loan Modifications

The Department of the Treasury recently released its first report card on how mortgage lenders are doing modifying loans for eligible homeowners under the government’s Making Home Affordable program. Thirteen lenders, as well as 2,300 participants with Fannie Mae- and Freddie Mac-insured loans, started modifications for less than the national average of 9% of eligible loans, while only seven lenders modified more than 9% of their eligible loans.

Here at Woodstock Institute, we’re tracking the mortgage lenders active in the Chicago area to see how they’re performing on their commitment to reducing monthly payments for distressed homeowners. Check back here every month to see who’s getting better—or worse.
Here are the results for performance through July 2009:
Treasury Secretary Geithner implored servicers to ramp up their efforts on the Making Home Affordable program. We’ll see if that had any effect on modification activity when new data is released next month.