The Real Deal Miami

Treasury report shows Bank of America approves least mortgage mods

November 10, 2009 06:24PM

The U.S Treasury Department has released the latest numbers for the Home Affordable Modification Program in its October report. Out of all the major banks, Bank of America has approved the least amount of mortgage modifications, granting mods to only 21 percent of all eligible homeowners, according to the report. CitiMortgage approved the most, offering modifications to 50 percent of eligible homeowners and JPMorgan and Wells Fargo trailed close behind CitiMortgage, offering mortgage modifications to 43 percent and 41 percent of homeowners, respectively. Since the program began in May, there have been 650,994 trial modifications started across the country, with 28,773 active modifications currently in New York state. In October, 163,000 new trial modifications were started, up from 100,000 new trials started a month earlier, according to the report.