Thursday, April 16, 2009

Treasury Signs First Agreements With Servicers to Do Loan Mods: $9.9 Billion in Fed Payments Possible.

Finally, 6 servicers have signed on with Treasury to do loan modifications under the Making Home Affordable program.

PR is HERE. Servicers are:
  1. Chase Home Finance LLC,
  2. Wells Fargo Bank NA,
  3. CitiMortgage Inc.,
  4. GMAC Mortgage Inc.,
  5. Saxon Mortgage Services Inc. and
  6. Select Portfolio Servicing.
Bloomberg story HERE projects possible amounts of federal funding these servicers MIGHT be able to receive (based on portfolio size)
  1. JPMorgan’s Chase Home Finance unit $3.6 billion;
  2. Wells Fargo could get $2.9 billion;
  3. Citigroup’s CitiMortgage about $2.1 billion;
  4. GMAC Mortgage Inc., $633 million;
  5. Morgan Stanley’s Saxon Mortgage Services, $407 million;
  6. Credit Suisse’s Select Portfolio Servicing, $376 million

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