OneWest Bank increases loan modification efforts

The Pasadena-based institution, which bought failed IndyMac Bank, reported that in February, 29 percent – or 32,725 – of the bank’s 111,955 mortgages that were 60 or more days overdue under the government’s┬áHome Affordable Modification Plan (HAMP), have either been modified or are in active trial modifications, according to the program’s report released earlier this month.

That’s a 35 percent increase from where the bank was in December, four months after the bank expanded its participation in the $75 billion program, according to the government.

Read more from the SGV Tribune


Posted in Bank News, Banking | 1 Comment

One Response to “OneWest Bank increases loan modification efforts”

  1. MrsMonEPenny says:

    The true test for OneWest Bank is not how many borrowers are placed into “trial modifications” but how many actually receive a “permanent modification,” after making their 3 payments.