The Obama administration released the first official stats on its $75 billion mortgage modification program this morning. According to the report, 235,250 home loans, or about nine percent of delinquent borrowers, have been put into trial modifications by loan servicing firms participating in the program. Those institutions offered extended modifications to 406,540 delinquent borrowers — about 15 percent of the total.
We linked to that report last week, along with a New York Times story about mortgage servicers not wanting to alter loans so they could profit off of late fees. As you can see from the above chart, a lot of the lag is coming from the banks — most of which haven't modified even 10 percent of their delinquent mortgages.