Making Home Affordable
The Mortgage Loan Modification Plan
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A program under the Emergency Economic Stabilization Act
127 recipients
$29.91 billion promised
$2.41 billion actually invested, loaned, or spent
More info from www.treasury.gov
The administration's plan to stem foreclosures provides incentive payments to mortgage servicers, investors and homeowners to promote mortgage loan modifications and other foreclosure alternatives (like short sales). The Treasury has set aside a total of $29.9 billion.
You can see a breakdown of how many modifications each servicer has granted here. To see how much money has actually been paid out to each servicer, click on its name below. Keep in mind that some of those incentives will be passed on to investors and borrowers.
Originally, the Treasury set aside $50 billion for this program, but it reduced that amount over time, and finally in October, 2010, it set the final amount.
On top of the $29.9 billion, the program also calls for Fannie Mae and Freddie Mac to spend as $25 billion more in subsidies for loans that the companies own or guarantee.
ProPublica has reported extensively on the program's problems, particularly its weak oversight of participating servicers.
More info from www.treasury.gov
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The following list shows the 127 recipients of Making Home Affordable.