Mortgage Modifications

With such broad adoption, this new protocol will be a standard for the industry to quickly move homeowners into long- term sustainable mortgages

—Neel Kashkari, assistant secretary, US Treasury

  • Citigroup — 130k proposed, per qualification in their program
  • JPMorgan Chase + Wachovia (Golden West) — 400k modifications proposed
  • BofA + Countrywide — 400k modifications proposed
  • HSBC — 61k mortgages modified YTD
  • US Government (Sheila Bair) — 300k expected to qualify for the program
    • Evidence of hardship
    • Owner-occupied
    • 90 day trial period