WKYT | Lexington, Kentucky | News

Only small fraction of homeowners get payments reduced

WASHINGTON (AP) - A progress report on the $50 billion government program to help people avoid foreclosure shows only 9 percent of eligible borrowers have been given modified loans.

The report says 10 lenders haven't changed a single mortgage.

Assistant Treasury Secretary Michael Barr is not happy about that. He says the administration expects the 38 mortgage holders taking part in the government's program "to do more."

The report says Saxon Mortgage Servicers is doing the most. One in four of Saxon's eligible borrowers has a trial loan. The ratio is one in five for Aurora Loan Services LLC, GMAC Mortgage, and JPMorgan Chase.

By contrast, American Home Mortgage Servicing and PNC Financial Services Group are among the companies that haven't modified any mortgages.

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