A breakdown of servicers taking part in Treasury’s loan-modification plan to aid homeowners
By APThursday, August 6, 2009
The servicers in gov’t loan-modification plan
A look at the loan servicers in Treasury’s mortgage-modification program, the taxpayer money they could receive and the percentage of eligible loans they’ve offered to modify so far. The servicers will keep some of Treasury’s money and will pass some of it on to investors and homeowners. (Modification figures are not available for some servicers because they joined the program too recently.)
FIRM: American Home Mortgage Servicing Inc.
COULD RECEIVE: $1,272,490,000
NUMBER OF ELIGIBLE LOANS MODIFIED: NA
FIRM: Aurora Loan Services LLC
COULD RECEIVE: $459,550,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 21 percent
FIRM: Bank of America Corp. and Countrywide Home Loans Servicing LP
COULD RECEIVE: $5,987,280,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 4 percent
FIRM: Bayview Loan Servicing LLC
COULD RECEIVE: $44,260,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 3 percent
FIRM: Carrington Mortgage Services LLC
COULD RECEIVE: $131,020.000
NUMBER OF ELIGIBLE LOANS MODIFIED: 4 percent
FIRM: CCO Mortgage
COULD RECEIVE: $16,520,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 6 percent
FIRM: JPMorgan Chase & Co. and EMC Mortgage Corp.
COULD RECEIVE: $3,407,100,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 20 percent
FIRM: CitiMortgage Inc.
COULD RECEIVE: $1,079,420,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 15 percent
FIRM: Citizens First Wholesale Mortgage Company
COULD RECEIVE: $30,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 27 percent
FIRM: Farmers State Bank
COULD RECEIVE: $170,000
NUMBER OF ELIGIBLE LOANS MODIFIED: NA
FIRM: First Bank
COULD RECEIVE: $6,460,000
NUMBER OF ELIGIBLE LOANS MODIFIED: NA
FIRM: First Federal Savings and Loan
COULD RECEIVE: $770,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 6 percent
FIRM: GMAC Mortgage Inc.
COULD RECEIVE: $1,017,650,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 20 percent
FIRM: Green Tree Servicing LLC
COULD RECEIVE: $91,010,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 4 percent
FIRM: Home Loan Services Inc.
COULD RECEIVE: $447,300,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 0 percent
FIRM: IBM Southeast Employees’ Federal Credit Union
COULD RECEIVE: $870,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 6 percent
FIRM: Lake National Bank
COULD RECEIVE: $100,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 100 percent
FIRM: Mission Federal Credit Union
COULD RECEIVE: $860,000
NUMBER OF ELIGIBLE LOANS MODIFIED: NA
FIRM: MorEquity Inc.
COULD RECEIVE: $23,480,000
NUMBER OF ELIGIBLE LOANS MODIFIED: NA
FIRM: Mortgage Center LLC
COULD RECEIVE: $4,210,000
NUMBER OF ELIGIBLE LOANS MODIFIED: NA
FIRM: National City Bank
COULD RECEIVE: $294,980,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 0 percent
FIRM: Nationstar Mortgage LLC
COULD RECEIVE: $117,140,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 19 percent
FIRM: Ocwen Financial Corp. Inc.
COULD RECEIVE: $553,380,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 5 percent
FIRM: PNC Bank
COULD RECEIVE: $54,470,000
NUMBER OF ELIGIBLE LOANS MODIFIED: NA
FIRM: Purdue Employees Federa Credit Union
COULD RECEIVE: $1,090,000
NUMBER OF ELIGIBLE LOANS MODIFIED: NA
FIRM: Residential Credit Solutions
COULD RECEIVE: $19,400,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 20 percent
FIRM: RG Mortgage Corp.
COULD RECEIVE: $57,000,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 0 percent
FIRM: Saxon Mortgage Services Inc.
COULD RECEIVE: $632,040,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 25 percent
FIRM: Select Portfolio Servicing
COULD RECEIVE: $660,590,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 3 percent
FIRM: Shore Bank
COULD RECEIVE: $1,410,000
NUMBER OF ELIGIBLE LOANS MODIFIED: NA
FIRM: Technology Credit Union
COULD RECEIVE: $70,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 0 percent
FIRM: Wachovia Mortgage
COULD RECEIVE: $634,010,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 2 percent
FIRM: Wachovia Bank
COULD RECEIVE: $85,020,000
NUMBER OF ELIGIBLE LOANS MODIFIED: NA
FIRM: Wells Fargo Bank
COULD RECEIVE: $2,410,010,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 6 percent
FIRM: Wescom Central Credit Union
COULD RECEIVE: $540,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 28 percent
FIRM: Wilshire Credit Corp.
COULD RECEIVE: $453,130,000
NUMBER OF ELIGIBLE LOANS MODIFIED: 1 percent
Source: Treasury Department
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August 6, 2009: 7:12 pm
So the tax payer trying to sue the lender for fraud is investing in the lenders lawyers. |
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August 6, 2009: 6:54 pm
It’s surprising to see the differences between some servicers offering over 25% of homeowners modifications and others with less than 10%. I wonder if that is an indication that the banks that engaged in the most fraudulent mortgages are attempting to cover their tracks by offering more modification programs. If the loan mods fail, it will be blamed on the borrowers — the banks will be off the hook finally. |
Steve