About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

The Obama loan modification program is making progress. Yesterday six lenders/servicers were officially announced as participants. The lenders are:

— Chase Home Finance (a unit of J.P. Morgan Chase), which could receive up to $3.5 billion.

— CitiMortgage (a unit of Citigroup), which could receive up to $2 billion.

— Wells Fargo, which could receive up to $2.9 billion.

— GMAC Mortgage, which could receive up to $633 million.

— Saxon Mortgage Services, which could receive up to $407 million.

— Select Portfolio Servicing, which could receive up to $376 million.

Here are some further quotes from a Washington Post article on the subject:

Together, the lenders could be eligible for up to nearly $10 billion in incentive payments for helping troubled borrowers save their homes by agreeing to lower the payments to affordable levels. The administration has said the program, launched last month, could help as many as 4 million homeowners stay out of foreclosure.

The six firms are the first of what government officials expect to be many lenders to join the program.

Comments (0) Posted by G.R.A. Admin on Thursday, April 16th, 2009


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