Loan Modification Success Report, The Truth Is Far Worse

Loan Modifications has been the flavor of the month in the finance news sections for some time now and August was no exception. We started the month with the government?s report on mortgage services participating in the government?s loan modification program. The administration reported how unsatisfied it was with the progress and that mortgage providers had been inconsistent in their efforts to modify loans which is a polite way of saying they were doing a rubbish job. The Treasury department also reported the number of loan modifications and trial modifications that were being carried out. The picture was not great but it is very likely that the real picture is far worse. The Treasury department prepared its figures by comparing the number of trial modifications each bank or service pro