Govt’s Loan Mod Program Crippled by Lax Oversight and Deference to Banks

Jan. 27, 2011, 11:41 a.m.

The Obama administration’s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by a posture of cooperation—rather than enforcement—with the nation’s biggest banks.

Banks Modifying Tiny Percentage of Mortgages in Need

Nov. 22, 2010, 9:17 a.m.

Mortgage modifications, both proprietary and HAMP, are just as rare as they were before the government’s mortgage modification program launched 19 months ago.

Gov’t Has Spent Small Fraction of $50 Billion Pledged for Loan Mods

Nov. 11, 2010, 12:47 p.m.

Data obtained by ProPublica show how much has been spent through the government’s mortgage modification program (HAMP). Our data show how much has gone to each mortgage servicer.

Amid Foreclosure Questions, Govt Loan Mod Program Continues Struggles

Oct. 26, 2010, 11:07 a.m.

New numbers show the administration’s mortgage modification program continues to struggle, while government officials say the banks’ flawed foreclosure practices should draw even more attention to their poor record in the handling of homeowners seeking modifications.

Mod Program Falling Short of Govt’s Vague Goals

Sept. 23, 2010, 11:11 a.m.

The government’s mortgage modification is on pace to fall short of even the administration’s vague goals, while details on why homeowners are being disqualified from the program raise questions.

For Gov’t Mortgage Mod Program, New Numbers Show Old Problems

Aug. 23, 2010, 11:33 a.m.

Homeowners still have long, costly waits in the federal foreclosure-prevention program. And for many seeking mortgage modifications, the final answer is no.

Homeowner Questionnaire Shows Banks Violating Gov’t Program Rules

Aug. 16, 2010, 9:02 a.m.

Mortgage servicers regularly make errors and break the government’s loan modification rules, including giving no reasons for a loan’s rejection, homeowners report to ProPublica.

After Fannie Error, Treasury Issues Correction on Mod Program Default Numbers

Aug. 10, 2010, 3:17 p.m.

The government’s latest, promising numbers on its mortgage modification program turn out to be wrong. But the new data remains encouraging.

New York Jumps Ahead of Feds With Law Holding Mortgage Companies Accountable on Mods

Aug. 10, 2010, 8:57 a.m.

New York State has new laws to do what Washington hasn’t: hold mortgage companies accountable for their treatment of homeowners seeking modifications.

In Financial Regulation Bill, Increased Transparency for Loan Mod Program

July 21, 2010, 2:07 p.m.

The formula for testing homeowners’ eligibility for a mortgage modification will not be a secret anymore. The Treasury Department will now have to post the details online.

Loan Mod Backlogs Continue Despite Servicers’ Pledges to Improve

July 21, 2010, 11:14 a.m.

Loan servicers in the federal mortgage modification program continue to have large backlogs, but the administration has not responded with penalties. Many homeowners continue to be stuck in trial modifications.

Help Us Report on the Loan Modification Process

July 13, 2010, 11:44 a.m.

Survey: Homeowners Working With Servicers Often Blindsided by Foreclosures

July 7, 2010, 9:41 a.m.

Many housing counselors in California are seeing clients lose their homes while pursuing mortgage modifications. That’s not supposed to happen, but there have been no penalties for the banks involved.

Loan Mod Program Still Sputtering, Despite Attempted Fixes

June 22, 2010, 11:15 a.m.

No Penalties for Mortgage Company with Worst Loan Mod Backlog

May 28, 2010, 1:53 p.m.

Chase Leaves Thousands Stuck in Loan Mod Limbo

May 19, 2010, 12:05 a.m.

Loan Mod Logjam Continues for 265,000 Homeowners; Failures Jump

May 18, 2010, 10:35 a.m.

Only $242 Million Spent So Far on Gov’t $75B Mortgage Mod Program

May 11, 2010, 12:06 p.m.

Financial Reform Amendment Would Address Loan Mod Problems with ‘Homeowner Advocate’

May 7, 2010, 12:37 p.m.