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The Foreclosure Crisis' Wall of Shame

Posted By admin || 10-Aug-2009

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.

Categories: Foreclosures
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