Well take a look at this article to see what the big banks are up to.
I personally give Bank of Amercia an F for performance. (Please leave a comment under this post and rate your bank, give the name of the bank and the grade.)
This article shows how many borrowers have been put into modifications per bank, how many are still in modifications after the 3 months, how many modifications have become permanent,and how many have been canceled which is by far the largest group, for Bank of America it is a whopping 50%.
Now out of the modifications that have been made permanent, these charts don't tell you what kind of a deal the borrower got. HAMP suggests that the new loan is no more than 31% of the borrowers income, but he banks have simply gotten around this by saying that the borrower does not qualify for a HAMP modification. So of the 25% that BOA modified, some of these loans may still be 50% or greater of the homeowner's gross income. My fabulous offer which was denied anyway, was over 50% of my gross income. So some people may in essense only be saving a few hundred dollars a month, but the banks can use them as a statistic, and later when they default, say these people just can't be helped..... they are still defaulting.
YES BOA we are one step ahead of you .