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Follow on Google News | Government Launches Making Home Affordable ProgramDissatisfactory progress for the Making Home Affordable Program launched by government, Obama Administration asks lenders to help troubled home owners with the program.
By: Christen Scott Home loan modification under the program has been offered to approx. 170,000 homeowners so far, as compared to three to four million homeowners. Approx. 80,000 homeowners were helped to refinance their home loan under the portion of the program and four to five million were expected to get. As the program is not responding up to the mark, housing counselors have complained against delay and the unavailability of information about the program to the homeowners. Lenders defending their slow progress by saying that the guidelines are complex and less time for training the staff, as it requires time to develop the software needed to process the applications and apply to those guidelines. A spokesman for J.P. Morgan Chase claims, it has done approx. 90,000 modifications to the date and 150,000 other applications are under process. The Obama administration will start issuing monthly reports of the lenders evaluating how well they are conducting the program. Details of the letter were published in Washington Post and Wall Street Journal. For more information about Home Mortgage Loans and the types of Home Mortgage Loans log on homemortgageloanz.com. End
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