The nation's foreclosure crisis prompted a surge in mortgage modifications. The government-sponsored Home Affordable Modification Program (HAMP) helped facilitate a majority of them. As the Making Home Affordable website explains, the government does not require lenders to participate in HAMP, however, the nation's largest lenders take part, according to Treasury Department data on the program.
Bank of America
Through August 2010, the Treasury Department estimates that Bank of America led the way in terms of approving trial and permanent modifications, with 152,710. The total was split almost evenly between trial and permanent modifications. If a borrower qualifies for HAMP, the lender puts him on a trial modification. After making three consecutive, on-time payments, the modification becomes permanent. As of July 2010, Bank of America canceled 148,129 HAMP trials and did not approve 89,791 initial HAMP applications. Out of the rejected applications, 6,261 resulted in completed foreclosures, as of July 2010.
JP Morgan Chase
As of August 2010, JP Morgan Chase followed Bank of America with 83,731 trial and permanent HAMP modifications on record. JP Morgan Chase executed 22,799 trials and 60,932 permanent modifications in the period. Chase canceled 100,142 trials and denied 195,157 initial HAMP applications as of July 2010. Chase completed foreclosure on 2,569 of the properties for which it did not approve a HAMP modification.
Wells Fargo Bank
Wells Fargo placed third through August 2010, with 13,230 trial and 48,830 permanent HAMP modifications for a total of 62,060 active modifications. Wells Fargo halted 106,792 HAMP trials and turned away 84,395 applications as of July 2010. Through the same period, Wells Fargo foreclosed on 4,304 of the properties it did not grant a HAMP modification.
With 61,769 total active modifications -- 14,533 trials and 47,236 permanents -- CitiMortgage completed the most HAMP activity as of August 2010. Citi was forced to cancel 82,697 HAMP trial modifications. It denied 34,937 HAMP requests as of July 2010. As of July 2010, Citi foreclosed on 1,048 of the properties that did not get approved for a HAMP modification.
GMAC Mortgage transacted 35,606 HAMP trials and permanent modifications, based on the Treasury Department report on HAMP activity through August 2010. A vast majority -- 31,070 -- were permanent modifications. GMAC canceled 14,375 HAMP trials through July 2010. It did not approve 105,020 HAMP applications, resulting in 4,589 foreclosed properties.
As a writer since 2002, Rocco Pendola has published numerous academic and popular articles in addition to working as a freelance grant writer and researcher. His work has appeared on SFGate and Planetizen and in the journals "Environment & Behavior" and "Health and Place." Pendola has a Bachelor of Arts in urban studies from San Francisco State University.