Loan Modifications - The Government's Finally Penalizes the Banks

The Obama administration’s mortgage modification program is more than two years old. From the beginning, it’s been apparent that the participating banks and mortgage servicers were breaking the program’s rules [1]. The administration has long argued it has little power to do anything about it. But now, after millions of homeowners have been rejected [2], the government has decided it’s finally time to crack down.
On Thursday, the Treasury Department announced [3] it would be withholding government subsidies to the country’s three largest mortgage servicers, which are also among the U.S.’s largest banks: Bank of America [4], Wells Fargo [5], and JPMorgan Chase [6]. The banks won’t be getting more money until they show “substantial improvement.”
It’s important that the Treasury is acknowledging servicer noncompliance,” said Alys Cohen of the National Consumer Law Center, “but that’s been a problem for two years.” The action, while “better than nothing,” underscored the fact that many homeowners had been hurt during that time, she said.

Read more: http://www.propublica.org/article/govt-finally-penalizes-major-banks-for-mortgage-mod-failures

Making Home Affordable Program Reports:  More than 730,000 Permanent Modifications have been started. The six-month rate of new trial modifications has consistently been about 30,000 per month for nearly a year, even as the overall population for eligible delinquent homeowners continues to decline. Homeowners who enter a trial modification now have a high likelihood of securing a permanent modification and realizing long-term success in the program.  http://www.treasury.gov/initiatives/financial-stability

JDS will help just contact us now!  No upfront fees! 
For a free loan modification consultation go to http://www.jdssaysyes.com