The program's goal is to reach 3 - 4 million homeowners over the next three years. The question is whether that will be enough -- a great deal of the mortgage crisis has to do with the loss of jobs and income, and if we're in a "jobless recovery" then the pressures won't ease up on homeowners anytime soon.
However, many of the banks at least appear to be getting their systems in place. Every month when the modification statistics come out, we report what percentage of eligible loans are being modified -- sorted by bank -- as a way of congratulating the good banks and nudging the slow ones.
This is our February report card, where last week, we got the grades for the month of January -- in a report formally titled the "Making Home Affordable Program Servicer Performance Report through January 2010."
Two large banks -- Citimortgage and GMAC -- crossed the halfway point, which means that 50 percent of their mortgages that are eligible for modification are at least in a trial modification. The bar has also been raised on the lower end, causing us to Redefine our "Hardly" category from less than five percent of loans modified to less than ten percent of loans modified. (Though Nevada's Wachovia Mortgage and California's HomeEq Servicing, which are at 3 percent and 5 percent, respectively, still need to get a move on.)
What follows here is this month's Top Ten -- and Bottom Four:
- Citimortgage, O'Fallon, Missouri (50%)
- GMAC Mortgage, Fort Washington, Pennsylvania (50%)
- Saxon Mortgage Services, Irving, Texas (48%)
- Select Portfolio Servicing, Salt Lake City, Utah (40%)
- JP Morgan Chase, New York, New York (38%)
- Wells Fargo Bank, San Francisco, California (38%)
- Bayview Loan Servicing, Coral Gables, Florida (37%)
- Aurora Loan Services, Littleton, Colorado (36%)
- Green Tree Servicing LLC, St. Paul, Minnesota (35%)
- PNC Mortgage, Pittsburgh, Pennsylvania (32%)
- American Home Mortgage Servicing Inc., Irving, Texas (9%)
- Carrington Mortgage Services LLC, Santa Ana, California (8%)
- HomeEq Servicing, Sacramento, California (5%)
- Wachovia Mortgage, FSB, North Las Vegas, Nevada (3%)