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A blog about the economy and the Sacramento-area real estate market.

August 4, 2009
Loan modifications are still in the slow lane

Tuesday update: Here's a couple more weigh-ins on yesterdaty's topic:

A   news release from Wells Fargo that says the bank is "accelerating" its efforts.

  And this from the Consumer Federation of America saying "more work needed" on loan modification front.

 

The big news today is about a Federal Reserve report showing who's actually modifying mortgages for people. The initial look shows JPMorgan Chase leading the pack in the percentage of loans modified, with Bank of America and Wells Fargo modifying low percentages of their loans.

Here's an AP story about the Federal Reserve report.

Here is an CNBC recap of the report this morning from Steve Liesman. That starts at 1:10 in this video and runs to the end. Good dialogue.

 

Meanwhile, a Golden State consumer advocacy group, The California Reinvestment Coalition, calls the numbers show disappointing results. The CRC has long wanted more principal writedowns for struggling borrowers.

We expect more reactions during the day and will post them. It should be noted that Wells and BofA - which are doing the lowest percentage of modifications - were the biggest lenders in Sacramento during the housing boom.

 

 

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