Here at Woodstock Institute, we’re tracking the mortgage lenders active in the Chicago area to see how they’re performing on their commitment to reducing monthly payments for distressed homeowners. Check back here every month to see who’s getting better—or worse. Note: these numbers reflect the national portfolio of these banks, not just the loans in the Chicago area. Local servicer data is not available.
The November report card includes data on permanent modifications for the first time. Since long-lasting reductions in foreclosures depend on converting three- to five-month trial modifications to permanent ones, this data is crucial for monitoring progress. So far, only 4 percent of trial modifications have converted to permanent modifications nationally.
Here are the results for performance through November 2009: