Making Home Affordable Modification Program Discussed by Citigroup and GMAC Mortgage at Loss Mitigation Conference

Posted on | July 22, 2010 | No Comments

There is very little argument to be made that the Making Home Affordable Modification program has gotten some very bad press.  During the first few months of this government assistance program many borrowers and lenders were finding that it was extremely difficult to get home loans into permanent modification status.  At a Loss Mitigation conference in Dallas, Texas employees of Citigroup and GMAC have voiced their options on the government loan modification program.


The senior vice president of Loss Mitigation for Citigroup feels that the program has worked very well for borrowers even though there has been a great deal of bad press.  He also mentions that his company has had to do a lot of work to adjust to the Making Home Affordable program as they have had to add staff members.  The vice president of Loss Mitigation for GMAC ResCap explained that when the program began there were changes made each and every week.  Now that the program has been in place for over a year it is much easier for servicers to assist borrowers.

The Making Home Affordable Program was created in March of 2009 by the Obama administration and was designed to help struggling home owners lower their monthly mortgage payments to moderate levels.  Unfortunately there have been strict debt to income guidelines that have caused many homeowners to miss out on this opportunity.  Servicers continue to work in other ways to help these struggling homeowners with programs like Home Affordable Foreclosures Alternative.

Author: Tiffany Mann

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