Business

Waiting for relief

October 5, 2009 at 12:30PM

WAITING FOR RELIEF

The nation's major mortgage lenders have been slow to implement the Obama administration's $75 billion loan modification plan for homeowners. Only a fraction of those eligible for the plan have been offered loan modifications.

Modifications offered as percentage of those eligible *

Mod. Mod.

Lenderpct. Lenderpct.

Wachovia Mortgage2% Wells Fargo11%

National City Bank3 CitiMortgage23

Bank of America7 J.P. Morgan Chase25

Ocwen Financial8 GMAC Mortgage26

National average12

* Data through August Source: U.S. Treasury Department

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