Ohoi, AK (PressExposure) July 17, 2009 -- A joint letter was sent to the heads of 25 banks on Thursday by government asking the lenders help the financially troubled people as much as they can with the program by increasing the training staff and resources. The letter also invites suggestions from the lenders to improve the program. Making home affordable program offers lenders financial incentives, so that they can help financially troubled homeowners by modifying or refinancing their home mortgages.
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.
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