Mortgage Foreclosure & Refinance Resource

Fannie Mae, Freddie Mac and HOPE NOW, along with the Treasury and Federal Housing Finance Agency (FHFA), devised a free market plan to help only those homeowners whose mortgages are guaranteed toxic. In compliance with the Bush Administration doctrine – assist no homeowner who can make his payments or can be foreclosed profitably. [Sarcasm homegrown].

In any case, here is a list of mortgage servicers who have joined the “Streamlined mortgage modification Plan” or SMP for short, plan and will hopefully make it easier for some of their borrowers to alter their loan terms.

Who qualifies for the Streamlined mortgage modification Plan? Borrowers who are 90 days or more past due on a single-family home payment, occupy the property and owe at least 90 percent or more of the current value of the home. They can be in foreclosure, but can’t be in bankruptcy

Lenders:

Citigroup: About 130,000 mortgage customers are expected to qualify for the program, resulting in the workouts of over $20 billion of loans. Bank executives said they believed it would reduce losses by hundreds of millions of dollars, and possibly more. Like some of its competitors, Citi will also hold off foreclosing on troubled borrowers who have income enough to make their monthly payment and who make a good-faith effort to work out their loan with the bank.

JPMorgan Chase, which acquired Washington Mutual and its troubled loan portfolio, announced plans in late October to cut monthly payments by lowering interest rates and temporarily reducing loan balances for as many as 400,000 homeowners.

Bank of America, which acquired the large mortgage lender Countrywide Financial, announced a similar program aimed at 400,000 borrowers as part of a settlement with state officials a few weeks earlier.

HSBC ramped up its mortgage modification effort in January, and has adjusted 61,000 mortgages so far this year.

Wells Fargo & Co. of San Francisco spokesman said it is among those participating.

If we’re missing a bank that has joined the Streamlined Mortgage Modification Plan program, please post it in the comments and we will update this post.