Thursday, April 16, 2009

The First 6 Major Lenders To Join Government Mortgage Program

By Bill Arce
www.realestatelatino.com

Wednesday, The Treasury Department announced that it has fully executed agreements with six major mortgage lenders and or servicing companies wanting to participate in the Federal Government’s $75 billion foreclosure prevention program.

Collectively these lenders could be eligible to receive up to $10 billion in incentive payments for assisting homeowners facing foreclosure avoid them by agreeing to lower the payments to affordable levels. According with Obama’s administration the program that was officially launched last month, could assist as many as 4 million homeowners saving their by modifying their mortgages.

The First six lenders that sign the contract with the government are:

::Wells Fargo, which could receive up to $2.9 billion.

::Select Portfolio Servicing, which could receive up to $376 million.

:: Chase Home Finance (a unit of J.P. Morgan Chase), which could receive up to $3.5 billion.

::Citi Mortgage which could receive up to $2 billion.

:: Saxon Mortgage Services, which could receive up to $407 million.

:: GMAC Mortgage, which could receive up to $633 million.


Only time will tell if this program will assist the majority of homeowners in foreclosure, critics are saying that the program falls short when it comes to help homeowners that already lost their home o there is no assistance for those facing foreclosure for lack of jobs. Long ago, foreclosures were due mainly to subprime mortgage, but with the slow economic we are seeing more and more cases where the main factor for losing a home is due to unemployment.

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