Major US lenders have??announced they are aggressively reworking mortgage loans to help homeowners remain in their homes.?? The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac loans, along with the HOPE NOW alliance of lenders, launched a "Streamlined Modification Plan"??in December.
IndyMac Federal Bank also announced a systematic and streamlined loan modification program implemented by the Federal Deposit Insurance Corporation (FDIC). As of November IndyMac had sent out over 23,000 modification letters to eligible borrowers and had completed 5,300 loan modifications.
Other major US lenders intend to take proactive steps to modify loans for distressed homeowners.??Bank of America publicized that, under an $8.4 billion class action settlement agreement, it would modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp.?? JPMorgan Chase & Co. announced that it would modify an estimated $70 billion in loans for 400,000 Washington Mutual customers.??Citigroup announced it would make $20 billion in mass-market modifications by preemptively reaching out to 500,000 at-risk homeowners.
For more information about the loan modification programs of the above-mentioned lenders or to find out if your bank may consider a loan modification, visit MBA Commercial and get your own free loan modification kit, or call 800-958-1952????any time to liste to our??recorded message explaining loan modifications.
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