Loan Modifications: Wells Fargo, Citibank, HSBC, Countrywide

In “The Chasm between Words and Deeds”, an October 2007 report by California Resource Coalition, the following was noted with regards to loan modifications:

Best of the worst: Individual servicers were reported to be willing to fix interest rates for 1, 2, 5, or more years.

• 4 groups responded that Wells Fargo was willing to fix interest rates for 2 years when modifying loans.
• 2 groups responded that Citibank and HSBC were willing to fix interest rates for 5 years when modifying loans.
• 2 groups responded that Countrywide was willing to fix interest rates for more than 5 years when modifying loans.

Worst of the worst.  Merrill Lynch was the only servicer to receive 0 responses that it is willing to modify loans for 5 years, or more that five years.