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Homeowners who are accepted into the program receive interest rates as low as 2 percent for five years. They can repay their loans over a longer period. The average savings for those who remain in the program is about $500 per month. More than 1.7 million troubled homeowners received trial modifications over the past two years. Less than half of those who applied, or more than 900,000, have had their mortgage permanently lowered. A majority of the applicants have dropped out of the program altogether. The Obama administration has blamed some of the nation's biggest mortgage lenders for not doing enough to help Americans avoid foreclosures. In June, the Treasury Department criticized four lenders
-- JPMorgan Chase, Bank of America, Wells Fargo and Ocwen Loan Servicing -- and began withholding financial incentives of up to $1,000 per modification. Wells Fargo, Ocwen and Bank of America got off the list in September and December. JPMorgan Chase has still been cited for rejecting people who were eligible for mortgage modifications.
[Associated
Press;
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