Feds Announce 650,000 Loan Modifications

By Donna Kimura

The Treasury Department and the Department of Housing and Urban Development (HUD) announced that more than 650,000 loan modifications have taken place under the Making Home Affordable program.

For the first time, the latest report includes state-specific trail modification numbers. California led the nation with 134,609, followed by Florida with 82,614.

The report also detailed modification activity by servicers. Bank of America had the most active trial modifications with 136,994. JPMorgan Chase Bank was next with 133,988.

The Obama administration has a goal of offering 3 million to 4 million homeowners lower mortgage payments through a modification over three years.

The report said there is an estimated 3.2 million eligible mortgages that are 60 days or more delinquent.

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