Servicers That Are Modifying Loans……Or Not
This morning on CNBC they said that the names of the mortgage servicers that are or aren’t doing a good job modifying mortgages were being named to publicly shame those that aren’t helping.
The article below is from CNN. “Performance was very uneven. Saxon Mortgage Services, a subsidiary of Morgan Stanley (MS, Fortune 500), led the pack, putting 25% of its delinquent loans into trial modifications, followed by Aurora Loan Services, a subsidiary of Lehman Brothers Bank, with 21%.
GMAC Mortgage, which is partly owned by the federal government, put 20% of its delinquent loans into trial modifications.
Among the major banks, JPMorgan Chase (JPM, Fortune 500) came in first with 20% of late loans in trial modifications, followed by Citigroup (C, Fortune 500) with 15%. Wells Fargo (WFC, Fortune 500) and Bank of America (BAC, Fortune 500) lagged with 6% and 5%, respectively.”