The Treasury Department announced Wednesday the first six participants to sign up for President Obama’s mortgage rescue plan.
The list includes three of the nation’s largest banks: JPMorgan Chase, which will get up to $3.6 billion in subsidy and incentive payments; Wells Fargo, $2.9 billion; and Citigroup $2 billion. The others are GMAC Mortgage, $633 million; Saxon Mortgage Services, $407 million; and Select Portfolio Servicing, $376 million.
Additional loan servicers will be added to the list over time, a Treasury spokesman said. Several major lenders including JPMorgan Chase and Wells Fargo, said they began modifying loans under the government initiative earlier this month and are acting as quickly as they can. CitiMortgage signed up for the program on Monday and will start processing applications very soon.
We believe this impact on Las Vegas and the rest of the country will start to be felt within the next 30 days or sooner, depending on how aggressively these banks can act! Please contact us immediately if you need assistance on working with your local lender or if we can help you arrange a Las Vegas Short Sale.
