“Bank of America Corp. and Wells Fargo & Co. were the worst performers among the biggest U.S. banks in modifying loans for stressed homeowners, according to a Treasury Department report”, says Bloomberg. It further says that Bank of America had 27,985 trial loan modifications, or 4 percent of its eligible loans, under the government’s Making Home Affordable Program started this year. Wells Fargo had a 6 percent rate, trailing JPMorgan Chase & Co.’s 20 percent and Citigroup Inc.’s 15 percent. Wachovia Corp., which Wells Fargo acquired, had a rate of 2 percent.
The government is trying to clutch improved results out of its main anti-foreclosure program, which has put about 235,000 borrowers on the path to loan modifications out of the 4 million targeted for help. Read full story at Bloomberg.
4 comments ↓
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Thats a great news. I was looking for updates regarding loans.Thanks for sharing
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Indeed a very good article, very informative thanks for posting it on the net. I could use this as reference and many others can also use it.
Thanks again…
Jain Neha
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