The Treasury is out with its always-interesting look at the state of mortgage modifications.
In order to make it look like the program is accomplishing a lot more than it is, it always runs the latest version of this chart, which makes it look as though the program is steadily growing each month. Well, technically it is, but the chart shows cumulative mortgage mods, so the latest bar is always going to be higher than the last. It really tells you nothing about the program’s real growth.
It’s actually too bad the chart is so ridiculous, because it looks like October was a good month, with about 163,000 new trials being started, compared to around 100,000 the month before.
Meanwhile, here’s a look at mortgage mods by servicer. As you can see, Bank of America (BAC) is the stingiest major bank, offering mods to just 21% of eligible borrowers, compared to 43% at JPMorgan (JPM), 50% at Citi, and 41% at Wells Fargo.