White House Sends First Pre-Foreclosure/Loan Mod Report Card
Program was designed to help 4 Million Homeowners... Bank of America and Wells Fargo both got very low marks on the Obama administration's first monthly report card on the program designed to help stem the foreclosure crisis. But the real problem lies in the vact that only 15% of eligible borrowers were offered the loan modification program. In March, the government launched a $50 billion program to help up to 4 million financially troubled borrowers by modifying their loans to lower the payments. But the administration is off to a slow start; according to the first monthly progress report on the performance of the loan modification program introduced by the Obama administration, only 15% of the borrowers eligible to participate in the program have been...
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