The Treasury Department announced Thursday that it has reached its goal of implementing 500,000 trial loan modifications before November.
The latest loan-modification report, for September, showed that banks had implemented 487,081 trial modifications under the Making Home Affordable Program. But the Treasury used the occasion to announce that this month banks involved in the program had reached the 500,000 goal set in July.
Of the top banking companies involved in the program, Citigroup Inc. completed the biggest share of trial modifications, covering 33% of its eligible delinquent loans. JPMorgan Chase & Co. implemented trial modifications for 27% of its eligible loans, and Wells Fargo & Co. did so for 20%. Bank of America Corp. closed trial modifications for 11%.