WASHINGTON, D.C. (AP) - Only 15 percent of homeowners eligible for the Obama administration's $50 billion loan modification program have been offered help so far.
In its first monthly progress report on the plan launched in March, the government describes big disparities among the 38 companies that have signed up.
Several loan servicing companies including American Home Mortgage Servicing and National City Bank have not modified a single loan.
So far, more than 400,000 offers have been extended to 2.7 million eligible borrowers. More than 235,000 borrowers, or 9 percent of that group, have enrolled in three-month trials.