Mod Program Falling Short of Govt’s Vague Goals

The government's mortgage modification is on pace to fall short of even the administration's vague goals, while details on why homeowners are being disqualified from the program raise questions.

For Gov't Mortgage Mod Program, New Numbers Show Old Problems

Homeowners still have long, costly waits in the federal foreclosure-prevention program. And for many seeking mortgage modifications, the final answer is no.

Homeowner Questionnaire Shows Banks Violating Gov't Program Rules

Mortgage servicers regularly make errors and break the government's loan modification rules, including giving no reasons for a loan's rejection, homeowners report to ProPublica.

After Fannie Error, Treasury Issues Correction on Mod Program Default Numbers

The government's latest, promising numbers on its mortgage modification program turn out to be wrong. But the new data remains encouraging.

New York Jumps Ahead of Feds With Law Holding Mortgage Companies Accountable on Mods

New York State has new laws to do what Washington hasn't: hold mortgage companies accountable for their treatment of homeowners seeking modifications.

Loan Mod Backlogs Continue Despite Servicers' Pledges to Improve

Loan servicers in the federal mortgage modification program continue to have large backlogs, but the administration has not responded with penalties. Many homeowners continue to be stuck in trial modifications.

In Financial Regulation Bill, Increased Transparency for Loan Mod Program

The formula for testing homeowners’ eligibility for a mortgage modification will not be a secret anymore. The Treasury Department will now have to post the details online.

Survey: Homeowners Working With Servicers Often Blindsided by Foreclosures

Many housing counselors in California are seeing clients lose their homes while pursuing mortgage modifications. That’s not supposed to happen, but there have been no penalties for the banks involved.

Loan Mod Program Still Sputtering, Despite Attempted Fixes

No Penalties for Mortgage Company with Worst Loan Mod Backlog

Saxon Mortgage has the largest proportion of homeowners caught in modification limbo, yet has not been subject to any government penalties.

Chase Leaves Thousands Stuck in Loan Mod Limbo

New data show that Chase has the most homeowners who have waited more than six months for a final answer on whether they’ll get a permanent mortgage modification. Trial modifications are supposed to last only three months.

Loan Mod Logjam Continues for 265,000 Homeowners; Failures Jump

Many homeowners who have started in the government's mortgage modification program have been stuck in trials longer than six months. And nearly as many have been dropped from the program as have received permanent mods.

Only $242 Million Spent So Far on Gov't $75B Mortgage Mod Program

The progress of the program to stanch home foreclosures is still painfully slow, with only $242 million of the pledged $75 billion for loan modifications spent by the end of March.

Financial Reform Amendment Would Address Loan Mod Problems with 'Homeowner Advocate'

An amendment to the financial reform bill would create a federal "homeowner advocate" office to assist people having trouble with the loan modification program, effectively centralizing the complaint process.

Disorganization at Banks Causing Mistaken Foreclosures

The communication breakdown within banks is sometimes so complete that it leads to premature or mistaken foreclosures. Some people have lost their homes even while going through the mortgage modification process.

Over 50 Homeowners Have Sued in the Last Year, Alleging a Communication Breakdown Led to Foreclosure

A Missouri man says Chase Home Finance sold his home after assuring him it would not. In a lawsuit, the man says he was mailed loan modification papers that were dated one day after the foreclosure.

Disorganization at Banks Causing Mistaken Foreclosures

Communication breakdowns within big banks has cause some people to lose their homes by mistake. The problems have occurred even to homeowners involved in the federal mortgage modification program.

Geithner Talks Tough on Loan Mods, and Backs It Up With … More Data

Treasury Secretary Tim Geithner has finally acknowledged the depths of the problems with the administration's mortgage modification program. But in testimony before Congress this week, he offered no new solutions.

New March Mortgage Mod Data: Cancellations Jump, Logjam Continues

As expected, the number of homeowners being denied permanent mortgage modifications has increased sharply. And some 367,000 homeowners remain in limbo, stuck in trial modifications that have lasted longer than they are supposed to.