We were talking about these banking giants like JPMorgan Chase, Bank of America and Wells Fargo being weighed down by the problem portfolios absorbed with the likes of Washington Mutual, Countywide and Wachovia. According to Stuart Feldstein of New Jersey-based SMR Research, “We’re seeing the number of loan modifications way up from last June.”
According to Stuart Feldstein:
The statistics: Chase had modified $856 million worth of mortgages as of June 30, 2008. As of year’s end it had modified $7.9 billion, he said.
Wells Fargo had modified $1 billion worth of mortgages as of June 30. By the year’s end it had nearly tripled the number, to $2.78 billion.
Citigroup is the leader for loan modification, he said. By last June 30, it had already modified $17 billion worth of mortgages.
Total mortgages out there: $11 trillion, he said.