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The Treasury Department has allocated $75 billion to entice lenders to let beleaguered borrowers stay in their homes. And the companies getting most of that money—well, they’re the same companies that got the borrowers into this mess. At least 21 of the top 25 recipients in the Home Affordable Modification Program were major subprime lenders, according to the Center for Public Integrity. Meanwhile, not even 1 in 5 homeowners eligible for the program has gotten help.
|
LENDER (PARENT COMPANY) |
SUBPRIME LOANS |
HAMP FUNDS |
|
Countrywide Financial |
$97.2 billion |
$4.5 billion |
|
$68 billion |
$610 million |
|
|
Option One Mortgage (formerly H&R Block, |
$64.7 billion |
$1.2 billion* |
|
Wells Fargo |
$51.8 billion |
$2.5 billion |
|
BNC Mortgage/Aurora Loan Services |
$47.6 billion |
$448 million |
|
Chase Home Finance/EMC Mortgage |
$30 billion |
$3.4 billion |
|
IndyMac (OneWest) |
$26.4 billion |
$814 million* |
|
$26.3 billion |
$2.1 billion |
|
|
EquiFirst/HomeEq (Barclays) |
$24.4 billion |
$553 million |
|
Wachovia (Wells Fargo) |
$17.6 billion |
$1.4 billion |
|
GMAC (Cerberus Capital) |
$17.2 billion |
$3.6 billion |
|
* Funds available to parent companySources: Center for Public Integrity; Treasury Department |
||
This chart is part of Mother Jones’ coverage of the financial crisis, one year later.
