In a recent interview Assistant Treasury Secretary Michael Barr said “I think we’ve been disappointed about their performance in helping people in a timely fashion with the respect they disserve under difficult circumstances”. This statement was made in regards to some banks that have received billions of dollars in bail out money ear marked for home owners behind on their mortgage.
Wells Fargo helped only 12% of their clients that are 60 days or more behind on their payments. Bank of America started a dismal 4% of their clients on the trial loan modification program to lower their payments.
Where has all the money gone? If you have a good story about a loan modification program that has worked for you or one that has not; send us and e-mail we would like to hear your story.
Len