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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: loan modification

loan modification stories: 3 news summaries

Treasury's Secret Formula Slows Loan Modifications

But one thing's clear: it favors banks, not homeowners

Sep 16, 09 8:15 AM CDT
(Newser) - The Obama administration’s mortgage modification program has been a big disappointment, and part of the reason could lie in the invisible hurdle troubled homeowners have to clear to get their mortgages renegotiated: the NPV test. Devised by the Treasury, the secret formula is designed to determine if modification is... More »

MORE ABOUT:
mortgage • Treasury Department • mortgage modification • loan modification

Credit Cards
Cut Deadbeats More Slack

With unemployment rising, companies modify, reduce debt

Sep 10, 09 9:15 AM CDT
(Newser) - With unemployment nearing 10%, credit card companies are doing something once unheard of: forgiving debt, or modifying it in the customer’s favor, the Washington Post reports. Companies are loathe to discuss the practice, lest it inspire more delinquencies, but according to one industry report, roughly 3 million people... More »

MORE ABOUT:
unemployment • credit card • interest rate • consumer debt • financial crisis • loan modification

BofA, Wells Fargo Rank Worst for Loan Modifications

Treasury report rates banks' performance

Aug 4, 09 11:44 AM CDT
(Newser) - Bank of America began modifying just 4% of its loans eligible under the Making Home Affordable Act, according to a Treasury report on big banks' performance, while Wells Fargo started just 6%. JPMorgan Chase led the pack with 20%, Bloomberg reports, while Citigroup had 15%. “Some of the servicers... More »

MORE ABOUT:
Bank of America • foreclosure • mortgage • loans • Wells Fargo • home loans • Treasury Department • mortgage lender • Obama administration • President Obama • loan modification

3 Stories


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