Bank Of America's Foreclosure Rescue Failure

On Monday, the Huffington Post's Shahien Nasiripour reported on the failure of President Obama's $75 billion foreclosure program, citing JPMorgan Chase's prediction that only 15 out of 100 homeowner applicants have or will likely receive a permanent loan modification.
So far, the actual numbers are worse -- much worse.

According to a new Treasury Department report, fewer than 5% of borrowers participating in the Home Affordable Modification Program have received permanent loan modifications.
And some of the biggest TARP recipients -- Bank of America and Citibank -- have especially paltry rates.

At Bank of America, only 98 out of 156,864 borrowers in the trial program had received permanent fixes. That's 1 out of every 1,600 borrowers.

At Citibank, only 271 out of 100,124 borrowers in the trial program received permanent loan modifications. That's 1 out of every 369 borrowers.

In comparison, other giant banks had much higher, though still minuscule, rates. Around 3 percent of JPMorgan Chase borrowers and nearly 4 percent of Wells Fargo borrowers had received permanent fixes. And about 14,000 additional Wells Fargo borrowers are expected to receive permanent modifications in the next few months, Wells Fargo's co-president Cara Heiden told the Wall Street Journal.
Read on.