Obama Team Grades Banks On Foreclosure Help : The Two-Way The Obama Administration wants mortgage servicers to do a much better job of working with homeowners in danger of losing their homes to foreclosure.

Obama Team Grades Banks On Foreclosure Help

This foreclosure property in Houston was for sale in 2009. But many houses are still in the foreclosure pipeline and haven't even come on the market. David J. Phillip/AP hide caption

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David J. Phillip/AP

This foreclosure property in Houston was for sale in 2009. But many houses are still in the foreclosure pipeline and haven't even come on the market.

David J. Phillip/AP

The Obama Administration wants mortgage servicers to do a much better job of working with homeowners in danger of losing their homes to foreclosure.

Jawboning hasn't worked as well as the administration had hoped. So it's now going the name-them-and-shame-them route by issuing a report card to show which financial institutions have gotten the message and which haven't.

NPR's Chris Arnold had a piece on "Morning Edition" prior to the report's release today.

According to the report card, three companies came in at zero percent in terms of modifications of eligible mortgages during the period from May 11 to July 31. They were RG Mortgage, Home Loan and National City. The administration is hoping to induce a lot of shame there.

Same for Bank of America, which included the defunct Countrywide Mortgage, came in at 4 percent.

Meanwhile, Citimortgage had modified 15 percent. JP Mortgage Chase and GMAC both were at 20 percent of stressed mortgages with Saxon having the highest rate of mortgage modifications at 25 percent.

Here's a snippet from the Treasury Department's press release:

Today's report discloses performance on a servicer-by-servicer basis in order to increase transparency for participating institutions. The data show that servicer performance has been uneven. The Administration has asked servicers to ramp up implementation to a cumulative 500,000 trial modifications started by November 1, 2009. This would more than double in three months the number of trial modifications started in the first five months of the program.